Ultimate magazine theme for WordPress.

Exec – Bitcoin post-halving prediction could see BTC price reach $200,000

  • The Bitcoin halving in 2024 is currently fueling divided sentiment
  • Anthony Scaramucci believes in the adoption curve and potential of BTC as a mainstream asset

D-Day is finally here – Bitcoin [BTC] 2024 halving. However, despite the excitement, the highly anticipated event has divided its audience into two camps – those who expect major corrections and those who expect BTC to rise 10-fold.

Sentiment around Bitcoin has been particularly divided over the past week or two, driven by the cryptocurrency's turbulent movement on the charts. For example, at the time of writing, it was valued at just over $62,000. This came within 6 hours of Bitcoin falling below $60,000 amid geopolitical tensions between Israel and Iran.

However, price action aside, the question remains: Is Bitcoin a safe haven?

Anthony Scaramucci's optimistic viewpoint

Anthony Scaramucci, founder of SkyBridge Capital, shed light on BTC’s atypical price movements in a recent interview with CNBC, saying:

“Bitcoin is on an adoption curve.”

He added,

“You won't see this inflation protection or a store of value as other experts say until you have over a billion users. So right now it’s going to be a lot more volatile than people would like.”

With this perspective, Scaramucci then tried to point out that people will perceive Bitcoin as a risk-taking or risk-averse asset until it reaches a certain level of adoption.

Supply and demand expectations for Bitcoin

As expected, the Bitcoin halving has raised conflicting expectations of a supply-demand shift that contradicts recent trends. Instead of increasing selling pressure, miners are reportedly reducing outflows. This unexpected development suggests a potential short-term market push that challenges conventional predictions and adds a unique perspective to the halving narrative.

Historical data, as highlighted by @ChartBTC, can be used to demonstrate Bitcoin's price rise following past halving events.

Bitcoin’s post-halving surge follows historical patterns.

Source: Twitter/ChartsBTC

Anthony Pompliano, founder and partner of Pomp Investments, recently commented on this in a conversation with CNBC:

“Ignore the noise of short-term price movements.”

That being said, Bitcoin can never go too far with positive sentiments, and critics like Peter Schiff believe:

“All week long, Bitcoin pumpers have been making excuses for Saturday’s Bitcoin sell-off. They claimed that Bitcoin is the only asset that anyone can sell since all other markets are closed. Well, all markets are now trading and Bitcoin is being killed again. Bitcoin pumpers have no more excuses.”

The future prospects of Bitcoin

In summary, despite concerns about Bitcoin, Scaramucci believes BTC will become a mainstream portfolio asset, potentially rivaling gold's market cap.

Ergo, while he acknowledged short-term price fluctuations due to external factors such as wars, he maintained a long-term bullish outlook for BTC.

“Bitcoin price could reach around $200,000.”

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers

Comments are closed.