Bitcoin was at ~$42,000 for weeks. It has finally broken the ceiling to surpass the mark of $46,000. BTC was last seen exchanging hands at $46,297.90, a rise of 3.995 in the last 24 hours. It further reflects a jump of 7.20% and 0.97% in the last 7 days and 30 days. The 24-hour volume is up by 16.21%. The US Securities & Exchange Commission’s approval of the Spot Bitcoin ETF applications is largely responsible for the reduction in the selling pressure that GBTC caused.
It now aims to accelerate growth on the grounds of institutional adoption and regulatory developments, along with macroeconomic trends.
Arthur Hayes and Fred Krueger dream for BTC to reach $1M
For starters, a valuation of $1 million is possible; however, it is a far-fetched dream for every holder, no matter their background. The recent surge in the token variation has sparked optimism for a further rise, but that cannot be confused with the possibility of reaching $1 million, which requires a huge jump in the market cap.
Arthur Hayles, co-founder of BitMEX, has based his $1M dream on the fact that Moody’s has downgraded NYCB to junk. Arthur is bullish about BTC gaining pace if any other downturn falls on the traditional finance industry. The cryptosphere will gain more recognition to escape the consequences of a single downfall. Plus, the next announcement about rate cuts could come out of the Federal Reserve shortly.
The availability of capital will fuel the ecosystem with higher liquidity, enabling better trade and, hence, pushing the price further on an upward trajectory.
Fred Krueger, a notable personality in the crypto industry, has been more technical about it. Calling Bitcoin a relentless power law, Fred has said that price and time both favor more increases. For instance, it started with less than $100 back in 2011 and now stands at an exponential power of almost 5. It did close in on the mark of $65,000. Now, a seat is closer to $50,000, allowing $48,000 to become the next support level, up from $38,000.
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Skepticism continues to prevail, with many suggesting that selling an impossible dream is only obvious to push the price higher. True, considering more activities would fuel the surge if the environment is optimistic or bullish, as traders call it.
Impact of Halving Events on Bitcoin
Bitcoin Halving will tentatively happen in April 2024. The process repeats programmably every 4 years, bringing down the mining reward and the circulation supply. It happened for the first time in 2012, for the second time in 2016, and for the last time in 2020. The historical context suggests that the BTC price has only gone up in 150 days following the deduction in crucial figures.
BTC was at $12.35 on November 28, 2012. It bumped up to $127 in the next 150 days. It then danced around $650 on July 9, 2016, only to go as high as $758 during the same time window. May 11, 2020, picked up the price from $8,821 to $10,943. That said, mining rewards dropped from 50 BTC per block to 6.25 BTC per block throughout the halving events.
The future price of BTC following the Halving event will be determined by where it stands on the day of the event. That is tough to speculate with the volatility around; however, it is safe to assume that the value could be $50,000. BTC price prediction has placed the figure on the end line of 2023. Meaning, the mark is achievable in the current year even if the Halving event goes by without any hype.
Bitcoin continues to sport the image of a store of value and a savior from an unfavorable inflation rate. Long-term scarcity in the circulation supply will better support the projection.
Future of Bitcoin for 2024 and beyond
2024 will test Bitcoin for its support level. The current margin of $38,000 is in the picture until BTC reaches $50,000. Once on that ground, a transition to the next level will be made public. A heavy crash could re-test the fall to $40,000. There are no negative events within sight since the selling pressure has begun to ease off.
The following years will look to pick up where BTC ended the previous year. The mark of $100k could happen by the end of 2025, paving the way for the token to surpass $500k by the end of this decade, in 2030. That would simultaneously trigger an uptick in the market cap.
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Scalability issues and competition from other cryptos in the market will hamper its growth rate. Nevertheless, technical indicators remain bullish.
Conclusion
Bitcoin has drawn a bullish picture by rising from $20,000 to $46,000. Analysts have backed the growth with the upward movement when one compares it with time, making it a relentless power law. The US SEC has given a green light to its ETF applications. Institutional adoption will now play a key role in driving its prices.
