With the 2024 Bitcoin Halving looming just 20 days ahead, analysts are offering an optimistic outlook on the price trajectory, suggesting it could reach $100,000 by September this year.
The forthcoming 2024 Bitcoin (BTC) Halving is expected to carry considerable implications for the cryptocurrency market. Analysts, including Rekt Capital, Robert Kiyosaki, and Bitwise CEO Hunter Horsley, have been sharing their insights, offering valuable perspectives on the potential impact of this event on Bitcoin’s price trajectory.
How Will the 2024 Halving Influence the Price of Bitcoin?
In a recent YouTube video, Rekt Capital’s analysis delves into the phases of the Bitcoin Halving, comparing the upcoming 2024 cycle with those of 2020 and 2016. The pre-Halving downward phase, characterized by a decline in Bitcoin’s price, has been a consistent observation in previous cycles.
Similarly, the pre-Halving upward phase, marked by achieving new all-time highs, precedes the Halving event.Significantly, historical patterns indicate that the pre-Halving surge typically begins about 60 days before the Bitcoin Halving, resulting in a notable increase in the BTC price.
However, as seen in the current cycle, a recent decline of approximately 18% suggests a transition from the pre-Halving rally to the final pre-Halving retracement phase.
This phase historically involves a pullback, with depths ranging from about 19% in 2020 to 29% in 2016. The recent decline, echoing previous cycles, suggests Bitcoin’s adoption of characteristics from different periods.
Additionally, Robert Kiyosaki’s remarks highlight the significance of the Halving event, as he swiftly invests in Bitcoin.He advocates for acquiring Bitcoin, even in smaller amounts, citing the potential for value appreciation after the Halving.
To this end, he suggests investing in Satoshis or the recently introduced Spot Bitcoin ETFs. Furthermore, Kiyosaki’s optimistic forecast aligns with his anticipation of Bitcoin’s price hitting $100,000 by September 2024, reinforcing his confidence in Bitcoin’s long-term potential.
The Perspective of Bitwise CEO Hunter Horsley
Furthermore, Bitwise CEO Hunter Horsley provided valuable insights into the financial ramifications of the 2024 Bitcoin Halving. He emphasized the significant decrease in BTC mining supply and its potential implications for market dynamics.
Comparing the upcoming Halving to the previous one in 2020, Horsley focused on the monetary value of the supply reduction.
He highlighted that during the 2020 Halving, when Bitcoin was valued at approximately $9,000, the daily reduction in supply amounted to around $9 million, resulting in an annual decrease of approximately $3 billion.
However, with Bitcoin’s price hovering around $70,000 leading up to the 2024 Halving, Horsley anticipates a more substantial impact.