Bittime -Crypto analysts predict Bitcoin prices will experience a sharp increase after the fourth halving event, with the highest price target reaching a fantastic figure of $4.5 million.
The upper limit for Bitcoin's rally before the fifth halving is set at $4.5 million. Well-known analysts are even optimistic that the $1 million target can be achieved. BTC price rebounded from recent lows and held above $65,000 today.
Bitcoin Halving April 22, 2024
Post-Halving Bitcoin Price Prediction
After the completion of the fourth Bitcoin halving event, experts gave bold predictions for the future of BTC. Ecoinometrics, a leading provider of crypto insights, set the upper limit for the price of Bitcoin in the fourth halving cycle at an astonishing $4.5 million. Additionally, a Bitcoin maxi (a strong supporter of Bitcoin) gave a fantastic price target of $1 million for BTC.
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Will BTC Surpass $1 Million?
In a statement, Ecoinometrics emphasized, "Some people think Bitcoin will experience increasingly smaller returns over the next four years. I don't think that's a rule of thumb." They cite the example of large-cap technology stocks to explain the situation. The analyst added, "Megacap tech stocks are not seeing their returns decline. And Bitcoin is currently playing in the same category in terms of market size."
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However, they expressed skepticism about Bitcoin prices soaring as high as $4.5 million in the next few years. Furthermore, the analyst also mentioned that the upper limit has been set considering that BTC will follow the upward trajectory seen after the previous halving event. Nevertheless, they are optimistic that Bitcoin prices will reach the six-digit range.
Bullish Sentiment from Crypto Figures
Alessandro Ottaviani, co-owner of the Store of Bitcoin podcast, echoes this sentiment. Ahead of the most recent halving event, he stated, "Here are my predictions for the next Bitcoin era (2024-2028): we will reach prices above $1 million." Ottaviani also anticipates shifts in market dynamics. He emphasized, "There is no longer a maximum bear market correction of 30%. If it is more, it is because the price is rising very quickly and therefore it is not really a correction."
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Furthermore, Ottaviani envisions significant institutional capital inflows into the Spot Bitcoin ETF (Exchange Traded Fund) , with total capital allocation exceeding $300 billion. Additionally, he predicts some S&P 500 companies will publicly disclose Bitcoin holdings or Bitcoin ETFs on their balance sheets.
Bitcoin Has the Potential to Become a Sustainable Asset
Apart from that, Ottaviani also highlighted Bitcoin's potential to become an environmentally friendly asset. He noted, “Bitcoin will become an ESG (Environmental, Social, and Governance) asset as well in the mainstream narrative, contributing to the increased use of renewable energy.”
Bitcoin Price Holds at $65,000
Bitcoin has rebounded significantly after hitting a low of $59,000 last week. At the time of writing, Bitcoin price was up 2.17% to $65,203.57 on Sunday, April 21. Meanwhile, the market capitalization of this giant crypto reached $1.28 trillion. In contrast, 24-hour trading volume for BTC fell 35.39% to $22.22 billion.
Competition between long (buy) and short (sell) positions is quite fierce, with short positions dominating due to rising prices. According to Coinglass data, short liquidations totaled $13.71 million, slightly higher than long liquidations of $13.37 million. This can cause a sideways (flat) movement as the liquidation of longs triggers a decrease in price while shorts drive an increase in value due to sudden buying pressure.
How to Buy Crypto from Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Smart Strategies to Avoid FOMO in Crypto Investing: A Practical Guide
5 Effective Ways to Avoid FOMO when the Crypto Market Rises, No Need to Panic!
Institutional FOMO: Why Institutional Investors Are Buying Bitcoin in Flocks
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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