Bitcoin Price Expected to Soar to $240,000 After Halving, Says Renowned Trader
Date: 2024-02-05 Author: Dima Zakharov Categories: BLOCKCHAIN
With the Bitcoin halving event on the horizon in April 2024, Scott Melker, a well-known trader, investor, author, and host of the "Wolf of All Streets" podcast, has provided his perspective on the potential impact. Melker believes that the Bitcoin halving, which occurs when the total number of mined blocks reaches 840,000, reducing the block reward from 6.25 to 3.125 BTC, could lead to a doubling in Bitcoin's price. This means that the issuance of new coins will be cut in half, making mining Bitcoin twice as challenging for miners.
In the last halving cycle, the Bitcoin price surged from a peak of $20,000 to a high of $69,000, marking a remarkable 250.86% increase. Melker argues that if we apply a similar percentage increase and consider the previous price record of $69,000, Bitcoin could potentially reach around $240,000 in the next cycle.
While some may view predictions of $170,000, $220,000, or even $1 million for Bitcoin as exaggerated, Melker is confident in the historical pattern and believes Bitcoin will exceed $200,000. Anthony Scaramucci, the founder of Skybridge Capital, shares this optimism, anticipating a rise in Bitcoin's price to $170,000 due to the halving.
Standard Chartered bank experts previously forecasted Bitcoin reaching $200,000 this year, while venture capitalist Tim Draper has doubled his BTC prediction to $250,000. The excitement and optimism surrounding Bitcoin's future continue to grow as the halving event approaches.
