Bitcoin, the world’s largest cryptocurrency, experienced a minor dip of over 1% but managed to maintain its position above the critical $29,000 mark.
Despite showing stability within a specific price range, it lacked significant buying interest as traders eagerly awaited the US Securities and Exchange Commission’s decision on approving spot bitcoin ETF applications.
Yesterday, Bitcoin experienced a short-lived increase up to $30,000 due to positive updates regarding US Treasuries and Microstrategy’s plan to purchase Bitcoin.
However, a significant downturn happened when a news website reported potential fraud charges against Binance, a major cryptocurrency exchange, which caused the price to decrease. the price to decrease.
According to a crypto executive, despite recent declines, Bitcoin is anticipated to exceed $100,000 by 2025.
This optimistic projection is based on the historical price increases that took place after previous halving events, with the next one set for April 2024.
However, a more careful prediction suggests that the value may reach $105,000 within one year after the halving event.
What Experts are Saying about Bitcoin’s Future Price After the Halvingalving
A cryptocurrency expert predicts that Bitcoin will exceed $100,000 in value by 2025.
This projection is based on the upcoming halving event scheduled for April 2024, which will reduce miners’ rewards and potentially lead to price increases driven by scarcity.
Previous data from past halvings shows substantial price jumps, with increases of 8,069%, 284%, and 559% recorded within a year of the 2012, 2016, and 2020 halvings, respectively.
Fundstrat Global Advisors predicts that Bitcoin’s price could reach anywhere between $140,000 to $180,000 before the upcoming halving, due to an anticipated demand from a crypto ETF.
Bitcoin’s limited supply and increasing interest rates have resulted in a significant 77% surge in 2023. However, external factors such as macroeconomic conditions could still affect Bitcoin’s price trajectory after halving.
This news could potentially boost investor confidence, as halving’s limited supply may lead to increased demand and contribute to a rise in BTC prices
Bitcoin Price Prediction
Bitcoin’s market movements were analyzed in a 4-hour timeframe, showing a limited trading range. The digital currency faced resistance at around $30,000 and established support at $29,000.
At present, key technical indicators such as the RSI and MACD suggest a bearish outlook for Bitcoin.
Bitcoin’s price has recently experienced a downward trend, causing it to hit the $29,100 mark.
This could potentially lead to a further decrease and a drop to $28,700. However, there is a chance that Bitcoin may find support around $28,700 during the ongoing decline.
Should it manage to fall below this level, the next target could be at $28,200.
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