The 2024 Bitcoin (BTC) halving is expected to take place on April 20 and will have significant impacts on the crypto market. In particular, analysts provide insight into its impact on Bitcoin’s price trajectory. Comments from analysts Rekt Capital, Robert Kiyosaki, and Bitwise CEO Hunter Horsley provide valuable perspectives on this matter.
How will the 2024 halving affect the Bitcoin price?
In a recent YouTube video, Rekt Capital’s analysis outlines the Bitcoin halving phases by comparing the 2024 cycle with the 2020 and 2016 cycles. The pre-halving negative phase, characterized by a pullback in Bitcoin price, has also been observed in previous cycles. Similarly, the pre-halving rally phase, marked by new all-time highs, is notable for
In particular, historical trends show that the pre-halving rally usually begins around 60 days before the Bitcoin halving event, leading to an increase in the BTC price. However, as observed in the current cycle, a recent pullback of approximately 18% indicates a transition from the pre-Halving rally to the final pre-Halving pullback phase.
Kiyosaki: Invest in Bitcoin before halving
This phase has historically involved a pullback, with depth ranging from 19% in 2020 to 29% in 2016. Reminiscent of previous cycles, the recent pullback points to elements of Bitcoin borrowing from different periods. Moreover cryptokoin.com As we reported, Robert Kiyosaki’s statement emphasized the importance of investing in BTC “immediately”.
He advocates purchasing even small amounts of Bitcoin, citing the potential for value appreciation after the halving. For this, he recommends buying Satoshis or investing in the newly launched Spot Bitcoin ETFs. Moreover, Kiyosaki’s bullish outlook aligns with his expectation that the Bitcoin price will reach $100,000 by September 2024, underscoring his confidence in Bitcoin’s long-term prospects.
What is Bitwise CEO Hunter Horsley’s perspective?
Additionally, Hunter Horsley, CEO of Bitcoin ETF issuer Bitwise, offered valuable insight into the financial implications of the 2024 Bitcoin Halving. He highlighted the significant reduction in BTC mining supply and its potential impact on market dynamics. Comparing the upcoming halving with the previous halving in 2020, Horsley focused on the dollar terms of the supply decrease.
He stated that during the 2020 Halving, Bitcoin was priced at approximately $9,000. This led to a daily decrease in supply of approximately $9 million, resulting in an annual reduction of approximately $3 billion. However, Horsley predicts a more significant impact as the Bitcoin price is likely to hover around $70,000 by the 2024 Halving.
It estimates that the daily reduction in supply will exceed $32 million and the annual reduction will exceed $11 billion. This exponential increase in the dollar value of the supply reduction underscores the increasing importance of the 2024 Halving event. Horsley’s analysis suggests that the combination of a larger reduction in supply and increased demand for Bitcoin could lead to a more pronounced impact on the market. The significant reduction in natural selling pressure and increased investor interest could contribute to a potential increase in Bitcoin price following the Halving.
BTC price is close to 70 thousand dollars
Meanwhile, Bitcoin price successfully maintained the $70,000 level. Moreover, it may pave the way for a big rally after the halving event. At the time of writing, BTC price increased by 0.55% to $70,392.78 on Sunday, March 31. On the other hand, the market value of crypto money was 1.38 trillion dollars. On the contrary, the 24-hour trading volume decreased by 25.24% to $17.55 billion. Meanwhile, Michaël van de Poppe, a popular crypto analyst, provided a bullish outlook for Bitcoin price.
Poppe pointed out that Bitcoin settled around $70,000 in a week-long sideways movement. He added that this reflects a period of consolidation in the Bitcoin market. According to his analysis, this stability follows the broader trajectory of Bitcoin’s four-year cycle. Moreover, Poppe’s predictions show that despite current price levels, Bitcoin may be on its way to surprising many investors in the long run. He predicts that a price of $70,000 per Bitcoin in five years could be considered “cheap,” indicating exponential growth potential.
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