Where Is Bitcoin Headed After The Halving?
The Bitcoin Halving event, which will cut miners’ rewards in half, is set to take place in mid-April. Once that happens, the crypto community will have its eyes on specific predictions that have been projected to be actualized after the Halving event.
Where Is Bitcoin Headed After The Halving?
Crypto analysts have given varying opinions on the future trajectory of the flagship crypto after the Halving takes place. Samson Mow’s prediction stands out from the rest, considering that he believes Bitcoin could rise to $1 million this year. If that is to happen, Bitcoin’s price would have to begin showing tremendous upside post-halving.
Besides Mow, some other crypto analysts have given bullish price predictions for Bitcoin, although not as ambitious as Mow’s. One of them is Tom Dunleavy, Partner and Chief Investment Officer (CIO), who predicted that Bitcoin would rise to $100,000 after the Halving takes place.
Tom Lee, Managing Partner and Head of Research at Fundstrat Global Advisors is another person who has high hopes for Bitcoin’s price post-halving. In February, he predicted that Bitcoin could rise to $150,000, thanks partly to the Bitcoin Halving. The common belief among these analysts is that Bitcoin’s supply will shrink, causing its value to appreciate.
On the other hand, some have projected a bearish outlook for Bitcoin after the Halving event. This includes JPMorgan, which has predicted that Bitcoin could drop to as low as $42,000 once the event occurs. They believe this price drop could happen due to increased production costs and mining difficulties.
In one of his analyses, Crypto expert Rekt Capital also suggested that Bitcoin isn’t exactly going to have a smooth ride up once the Halving takes place. Specifically, he mentioned that Bitcoin would enter a “multi-month re-accumulation” after the Bitcoin Halving, which could last up to five months.
Bitcoin is now trading at $70.134. Chart: TradingView
Altcoins To Keep An Eye On
Solana (SOL) is generating much attention, especially with the meme coin frenzy on the Solana network. This has caused SOL’s price to skyrocket in recent weeks and has increased optimism that it won’t be long before it surpasses its all-time high (ATH) of $260. Moreover, crypto analysts like Jake Gagain have predicted that the crypto token will still rise to as high as $750.
The crypto community will also be monitoring ADA closely. Before now, Dan Gambardello, the founder of Crypto Capital Venture, had explained that ADA historically lags for a while before it eventually takes off in the bull run. Gambardello had also predicted that ADA would begin its run to $11 once the Halving takes place.
XRP, like ADA, has had an unimpressive price action despite the broader crypto market enjoying significant gains year-to-date (YTD). However, with crypto analyst Egrag Crypto predicting that XRP could rise to $27, the token will be another altcoin to keep an eye on post-Halving.
Featured image from Pexels, chart from TradingView
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- Source: https://cryptoinfonet.com/bitcoin-news/top-crypto-predictions-post-bitcoin-halving-in-april-2024/
