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.
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.
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.
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