Bitcoin is priced at around $65,058.20 at the time of drafting this article. That is a fall from the recent high of $70,000. Retracing the price is normal for the crypto market, especially when analysts have predicted a correction ahead of the Bitcoin halving event. What comes next is speculation about where the price will move on the charts.
Analysts have their judgments ready as investors await a rebound. The latter is a possibility for the medium term since Halving is known to fuel the surge after some time. However, more is needed to completely eliminate the possibility of an immediate price rise, as several events can still support a slight increase.
For instance, we expect the US Securities & Exchange Commission versus Coinbase to conclude on April 19, 2024. If not a conclusion, then the battle will at least get a roadmap for the next session.
The Bitcoin halving is expected to take place between April 18 and April 21, 2024. Although April 20, 2024, has been designated as the optimal occasion, the community may still prefer alternative dates.
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Assuming both events happen simultaneously, the outcome will be clouded, making it difficult to determine what impacted the price. Nevertheless, a surge will be more than welcomed, and the community will hope for prolonged momentum.
The Chief Executive Officer of Binance has a hearing in court on April 30, 2024. The crypto community will scrutinize every word that is spoken in the session, as that could have a lasting impact on their trade value. Bitcoin’s prices are being linked to recent attacks by Iran on Israel, too. While not a lot has been spoken about, the community believes that it may have something to do with setting the stage for complexities in geopolitical scenarios and impacts on the crypto market.
For Bitcoin, there is just one indicator of a price recovery, and that is halving. It has the historical context of a price rise. The forthcoming Bitcoin halving event will accelerate the price rise. By the end of 2024, it can push Bitcoin close to $100,000 as per our BTC price forecast. The Bitcoin Halving event effectively reduces both miner rewards and token supply. As a result, it depletes in circulation, leading to an exponential increase in value.
Alternatively, there is a theory that the upcoming Bitcoin halving may not have as huge of an impact as it had in the past. The price will rise, but only after it softens the decline.
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At $100,000, a new ATH has been established. A maximum of $150,000 can be added to the value of each element that aligns seamlessly. Bitcoin will experience volatility in the same way it has previously experienced it. The cryptocurrency market will experience a cascading effect if BTC increases. Following the trend early on, ETH may gain momentum if the discussion of an Ether ETF gains traction.
