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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Anticipation Peaks As Bitcoin Halving Countdown Drops Below 100 Days: Will Prices Skyrocket?

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Bitcoin (BTC)

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With the Bitcoin halving event drawing near, Data from crypto industry research and analytics platform, CryptoRank.io, has recently revealed that a significant majority of its users – 79% – are bullish about the upcoming halving, while 21% have bearish skepticism.

This sentiment echoes the historical trend where previous halvings have catalyzed bullish rallies in Bitcoin’s price.

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The Bitcoin Climax: Analyst Flags Market Peak Amid Spot ETF Hype Cooling Off

1 year ago

Bitcoin Halving Countdown And Price Trajectory

The Bitcoin halving, less than 100 days away, is a pivotal event in the crypto world. This process happens approximately every four years, and the reward for mining Bitcoin blocks will be halved.

This reduction in supply has historically led to price increases, with the previous halving in 2020 resulting in a 401.1% rise in Bitcoin’s price, according to CryptoRank.io. The anticipation of a similar price boom is palpable as the crypto community closely watches the countdown to this significant event.

Less Than 100 Days Left Until Bitcoin Halving 🗓

In just 14,117 blocks, #Bitcoin will reach the next milestone: the block reward will be cut by 50%. This event could be another catalyst for $BTC price growth.

Almost 79% of CryptoRank users are bullish on #BTC halving! What do… pic.twitter.com/R9442lfDEF

— CryptoRank.io (@CryptoRank_io) January 15, 2024

Despite the optimistic sentiment towards the halving, Bitcoin’s recent price action tells a different story. Following the initial excitement around the launch of spot Bitcoin ETFs, Bitcoin has been experiencing bearish price action.

In the past week alone, the cryptocurrency has seen a nearly 10% decline, eroding its gains after spot ETF approvals. This price behavior suggests a cooling off of the spot ETF hype and a period of consolidation in the absence of significant news or developments.

However, Bitcoin is currently hovering above the $43,000 mark, showing a minor recovery in the last 24 hours with a 1.8% increase.

Bitcoin (BTC) price chart on TradingView
BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

BTC Price Prediction

This current price movement has not dampened the long-term bullish outlook of many analysts. Figures like Ash Crypto, a notable voice in the crypto trading community, advise a long-term perspective.

Ash Crypto’s has recently shared an analysis drawing parallels between Bitcoin and gold, suggesting that if Bitcoin emulates gold’s post-ETF market cap surge, it could potentially reach or even surpass half of gold’s market cap. Such a scenario could propel Bitcoin’s price to an estimated $500,000 in the coming years.

Moreover, Ash Crypto highlights Bitcoin’s potential impact on traditional financial markets, pointing out the immense global stock and bond market caps.

Related Reading

Bitcoin (BTC)

How Spot Bitcoin ETFs Could Catapult BTC Price To $500,000, According To This Crypto Trader

1 year ago

As BTC continues to gain legitimacy as a financial asset, it could capture a substantial share of these traditional market caps. This shift aligns with a new generation of investors who view Bitcoin as a novel investment opportunity.

Bitcoin is going to $500k after the
Spot ETF is approval. Here is the
evidence –

When Gold ETF was approved, it’s
mcap was around $2 Trillion. After
ETF gold saw huge inflows of liquidity
and reached $16 Trillion in few years.
( Don’t forget gold supply is not fixed,
we… pic.twitter.com/uE6XKkHWtU

— Ash Crypto (@Ashcryptoreal) January 14, 2024

Featured image from Unsplash, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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