Analyst Predicts Bitcoin Could Surge to $150,000 Amid Upcoming Halving Event

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As Bitcoin is breaking through recent highs and seemingly poised to shatter its all-time record, an X analyst predicts a possible surge toward $150,000 following the imminent halving event. This bullish perspective arises from a combination of key fundamental factors that could boost the world’s most valuable cryptocurrency to twice its current valuation.

Bracing a northward journey, Bitcoin enthusiasts are dismissing past month’s bearish inclinations, drawing support from the March 20 bull rally. On April 8, the cryptocurrency took a breathtaking leap, crossing the key liquidation threshold around $71,800. Although Bitcoin’s feverish climb experienced a slight retreat, the positive momentum remains, fostering the foundation for a potential surge beyond the $74,000 mark.

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The full realization of the analyst’s prediction requires the extension of the April 8 growth, ideally spurred by escalating trading volumes. This momentum could amplify the cryptocurrency’s demand, elevating Bitcoin above $74,000 and setting new records for 2024, preceding the eagerly anticipated Halving event.

The analyst stresses the importance of the impending Halving event as a vital catalyst for this projected surge. The event, scheduled to occur in fewer than ten days, is a characteristic protocol tool which will slash block rewards to 3.125 BTC, a significant decrease from the current 6.25 BTC. This reward reduction, accompanied by the continuing demand, will likely render Bitcoin scarce, potentially hiking its cost.

Notably, ahead of the Halving, dwindling Bitcoin holdings have been documented by exchanges, the analyst pointed out. Coinbase, for instance, registered a six-year low in its Bitcoin stockpile. Major exchanges like Binance are similarly observing diminishing supply. Meanwhile, over-the-counter (OTC) desks, responsible for handling sizable, private crypto transactions, are reportedly running short of Bitcoin, suggestive of robust institutional demand. This insinuates an impending supply squeeze, projected to intensify in the foreseeable future.

Spot Bitcoin exchange-traded funds (ETFs) issuers are currently on a purchasing frenzy, snapping up over $300 million worth of Bitcoin every day, the analyst added. Representing both retail and institutional investors, these issuers continue to infuse enormous capital into the market, thereby giving Bitcoin prices an enormous lift.

The analyst hinted that the surge from Q4 2023 to January was chiefly due to anticipation surrounding the spot Bitcoin ETFs. The resulting effect and the billions funnelling into the asset intensified Bitcoin’s liquidity and bolstered its resistance against aggressive selling.

The London stock exchange has future plans to list Bitcoin-backed exchange-traded notes (ETNs) in Q2 2024. Parallel to the spot ETFs in the US, this product will enhance liquidity in the market and affirm the cryptocurrency’s stature as a valuable asset class, on par with gold.

On the Asian front, multiple spot Bitcoin ETFs are poised to receive approval from the Securities and Futures Commission (SFC) of Hong Kong, featuring applicants from China’s prominent asset managers, magnifying the validation Bitmap receives in global financial markets.