Bitcoin (BTC-USD) approaches a pivotal juncture in its halving cycle. The token’s next halving is set for April 2024, which will reduce block rewards by 50%, slowing new coin issuance. The debut of spot Bitcoin ETFs in Q1 2024 has also increased demand, creating a clear supply/demand imbalance that favors rising prices.
That said, there are certainly plenty of risks and uncertainty heading into this event. As with any catalyst, the outcome isn’t guaranteed. Thus, investors may want to remain cautious heading into this halving.
Let’s dive into where Bitcoin could be headed with this key catalyst on the horizon.
$180K Price Target
There are certainly some bullish price targets out there.
According to Acheron Trading CEO Laurent Benayoun, Bitcoin’s price (around $70,000 per token at the time of writing) could surge 150% in the current bull market cycle. Benayoun suggests a peak of $180,000, considering factors like Bitcoin ETFs and the impending halving based on historical patterns. He predicts a lower multiple on the all-time high, estimating $120,000 to $180,000 per unit.
Benayoun also noted that Bitcoin’s price could benefit from accommodative monetary policy in the United States, with an anticipated decrease in interest rates likely to drive investment in store of value assets.
Moreover, Benayoun’s forecast aligns with other recent predictions, including one from Bitfinex analysts, anticipating Bitcoin reaching $120,000 by the end of 2024. According to a report shared with Cointelegraph, this analysis suggests a conservative price target of $100,000-$120,000 per token by Q4 2024, with the cycle peak expected in 2025.
Finally, Bitcoin’s price could peak at $337,000, according to Bitcoin analyst Willy Woo, who stated in a March 11 post that the upper bound model currently sits at this level. Moreover, Cathie Wood of Ark Invest predicts a Bitcoin price exceeding $1 million by 2030, citing increased institutional involvement as a driving factor.
Stay Bullish, But Caution is Advised
These incredibly bullish price targets are great. However, I tend to think that some degree of caution is warranted when it comes to Bitcoin’s upside potential over the next few weeks.
Indeed, the upcoming halving event is a big deal, and historically-speaking, Bitcoin has performed well following these halvings. However, it’s also true that Bitcoin can be volatile around these key events. We’ve seen a “sell the news” decline following the approval of spot Bitcoin ETFs, before a real surge. Thus, it’s really a coin toss right now with respect to how the world’s largest cryptocurrency will perform before the halving.
That said, I think in terms of the balance of risks, it’s more likely than not that Bitcoin rallies through this event. After all, the world’s largest crypto is only going to see improved supply and demand fundamentals emerge as a result of this halving. For those looking to get their hands on increasingly-scarce Bitcoin, it’s going to get tougher. And right now, we’re in a very supply and demand driven market.
I can see Bitcoin heading above $100,000 per token in the coming months following this halving. However, heading into the event, I think uncertainty will remain.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article.The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines.
Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.
FAQs
Mow remains confident that Bitcoin will surpass its previous all-time high, stating that it is likely to reach $100,000 before the Bitcoin halving.
Will BTC hit 100k in 2024? ›
The bottom line. 2024 is shaping up to be the year that Bitcoin reaches $100,000. With its price sitting near $70,500 today, that presents a noteworthy opportunity with a nice 40% gain. However, we must keep in mind that it is usually the year after the halving that Bitcoin makes its most impressive gains.
Will Bitcoin ever go over $100,000? ›
Notably, Bitcoin has demonstrated remarkable growth, surpassing a 100 percent increase in value over the past 12 months. On March 14, 2024, Bitcoin achieved an all-time intraday high of $73,835.57, igniting optimism for a potential ascent towards the coveted $100,000 milestone.
What will Bitcoin be worth after the 2024 halving? ›
Bitcoin price will surge with the Bitcoin halving coming closer. What is the projected price of Bitcoin in 2024? The projected price of Bitcoin in 2024 will range between $35,000 and $120,000, with an average of $77,500.
What happens to Bitcoin price before halving? ›
The anticipation leading up to the halving can create speculative market behavior, potentially resulting in increased volatility. It's also good to note that there may be temporary price corrections if the market's expectations are not met.
How much $100 in Bitcoin could be worth in 2030? ›
If this pattern continues into 2030, the price could peak around 2029 or 2030, potentially aligning with Wood's price prediction. If Wood is correct and Bitcoin reaches $3.8 million, a $100 investment in Bitcoin today would be worth $5,510 in 2030. This translates to a compounded annual growth rate (CAGR) of over 95%.
How high can BTC go in 2025? ›
BTC Price Prediction 2024-2030
| Year | Minimum Price / Maximum Price |
|---|
| 2024 | $78,000 to $82,000 |
| 2025 | $105,000 to $112,000 |
Dorsey, who led the social media platform from 2015 to 2021, developed a strong interest in crypto during that time and is now fully focused on the sector. Jack Dorsey believes the price of bitcoin could reach over $1 million by the end of 2030.
How high can Bitcoin realistically go? ›
Because Bitcoin is so powerful and has so much potential, Bitcoin's projected value and estimated growth could be astronomical. Speculation from crypto analysts and industry experts suggests that Bitcoin's long term value could reach over $100,000 to as much as one million dollars per BTC in the future.
What could Bitcoin be worth in 10 years? ›
However, some experts have offered bold projections. Cathie Wood, the founder, chief executive officer, and chief investment officer of ARK Invest, believes that Bitcoin could be worth $1 million per coin before 2030, as adoption by institutional investors increases.
The halving will likely not cause a significant movement in price on the day it happens. Part of the economic impact of the halving has likely already occurred, with investors buying bitcoin in anticipation of the event, and the aftershocks of the halving will continue for months or years afterward, experts say.
Will crypto boom after halving? ›
Halving reduces the supply of new bitcoins, which should in theory increase the price. It is an economic axiom that if demand for an asset remains stable while its supply decreases, its price should go up.
What is the Bitcoin price prediction for 2040? ›
Fidelity Predicts: $1B per 1 BTC by 2038 — 2040
Jurrien Timmer, Director of Global Macro at Fidelity Investments, predicts a staggering future for Bitcoin, suggesting that the value of a single Bitcoin could soar to $1 billion by 2038 to 2040. Timmer's demand model is rooted in Metcalfe's Law.
Did Bitcoin price drop below $60000 before rebounding ahead of halving? ›
Bitcoin price briefly drops below $60,000 before rebounding ahead of halving. Bitcoin rose above $64,000 at one point Friday after dropping below the $60,000 mark, as the cryptocurrency continues to experience volatility ahead of the upcoming halving. The upcoming halving is slated to take place this week.
What is the maximum total supply of Bitcoin that will ever exist? ›
Since Satoshi Nakamoto first created Bitcoin, it has always had a clearly defined maximum supply of 21 million coins. The rules of the Bitcoin protocol state that when the number of bitcoin in circulation reaches the maximum supply limit of 21 million, no new units of bitcoin will be issued.
Does Bitcoin pump after halving? ›
“Historically, bitcoin has experienced notable price increases in the six months following each halving event.
How much will 1 BTC cost in 2024? ›
Bitcoin BTC/USD price history up until May 17, 2024
Bitcoin (BTC) price again reached an all-time high in 2024, as values exceeded over 73,000 USD in March 2024.
Which coin will reach $1 in 2024? ›
In the dynamic landscape of cryptocurrency, these ten coins, including TRON, Shiba Inu, Astar, Kaspa, Dogecoin, Stellar, Kava, Polygon, Cronos, and VeChain, present diverse potentials for reaching the $1 milestone in 2024. Investors keen on penny cryptos have a spectrum of options to explore.
Will Bitcoin hit 200k? ›
In a groundbreaking report, Standard Chartered, a leading international bank, has made a bold prediction that Bitcoin (BTC) is poised to reach $200,000 by the year 2025. This forecast has sent shockwaves through the financial industry, as the cryptocurrency market continues to evolve and gain mainstream acceptance.
What is the Bitcoin reward for 2024? ›
On April 19, 2024, the block reward for bitcoin miners was reduced by half, from 6.25 BTC per mined block to 3.125 BTC per mined block. However, you wouldn't know it from the lack of fanfare.
