Bitcoin price is buzzing with anticipation as the next halving event, scheduled for April 2024, approaches. While analysts predict that the pre-halving correction period, which has historically been marked by pullbacks, will come to an end, prominent names such as Anthony Scaramucci are making bold price predictions for the future.
Pre-halving Bitcoin price correction ends
With the halving less than three months away, historical models suggest that the window for significant price declines may be closing. Crypto analyst “Rekt Capital” recently noted that there are only two weeks left for any potential downside before the “pre-halving rally period” begins. This is in line with past halving cycles where a mid-cycle peak was followed by a pullback of up to 30% before the bullish wave. The current pullback is estimated to be within the historical range and analysts even predicted a correction between $34,000 and $36,000. But Bitcoin’s resilience has kept it above $40,000, indicating a potentially milder pre-halving decline compared to previous cycles.
Bullish expectations from Scaramucci
Adding to the excitement is SkyBridge Capital founder Anthony Scaramucci making a bold prediction: Bitcoin could reach $170,000 by the end of 2024. His analysis is based on historical data and suggests that the Bitcoin price tends to quadruple 18 months after each halving event. With a conservative estimate of $35,000 during the halving, this corresponds to a potential price range of $140,000 to $240,000.
Scaramucci also believes that Bitcoin has the potential to move even higher, ultimately aiming to target half the market value of gold, which would imply a staggering $400,000 per Bitcoin. He cites BlackRock CEO Larry Fink’s initial skepticism and subsequent turn to Bitcoin as an example of growing institutional understanding and acceptance.
Comment on BlackRock CEO
Interestingly, Scaramucci also revealed that BlackRock’s CEO, Larry Fink, initially had negative views on Bitcoin, calling it a “stupid asset” that “sucks.” But Fink’s perspective changed after a deep dive into Bitcoin technology, leading BlackRock to invest in Bitcoin-related startups. Scaramucci praised Fink and said:
- To proudly say that Bitcoin sucks and then 24 months later say, ‘You know what? I misunderstood this. ‘BlackRock needs to be a part of this, and BlackRock needs to have a significant part in it.’ It’s important to say.
According to Scaramucci, Fink’s change of heart demonstrates a better understanding of Bitcoin’s value proposition and its role as a store of value and escape to quality. Although Scaramucci’s prediction represents an optimistic outlook, it should not be forgotten that the cryptocurrency market is variable and depends on various factors. However, the combination of historical patterns, analyst insights, and growing institutional interest paints a promising picture for the future of Bitcoin in the lead-up to the halving event and beyond. Once the pre-halving period ends and the rally begins, investors and enthusiasts will closely monitor Bitcoin’s trajectory to see if Bitcoin lives up to its bullish potential.
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