Huge new crypto price halving data shows why April could be Bitcoin's biggest month ever
BitcoinBTC has surged in recent months, and traders are now eyeing a potentially massive Bitcoin price boom in China.
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Bitcoin price has surpassed its previous all-time high of $69,000 per bitcoin and has risen to well over $70,000 as Goldman Sachs reveals a revolution on Wall Street could be imminent.
Now, after Wall Street giants BlackRock and Fidelity unleashed a flurry of extremely bullish Bitcoin price predictions, the impact of April's upcoming supply cut, the so-called halving, on Bitcoin prices may have been predicted by a smaller rival cryptocurrency.
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The price of Bitcoin Cash, a payments-focused fork of Bitcoin that split from the main Bitcoin chain in 2016, has skyrocketed in recent weeks ahead of its own halving on Thursday, April 4 .
Bitcoin's halving, the fourth such supply cut in which the number of new bitcoins issued to so-called miners who maintain the network will drop to 3,125 bitcoins from the current 6.25, is scheduled for April 20.
If Bitcoin follows a similar path to Bitcoin Cash, the Bitcoin price could double to nearly $150,000 per Bitcoin by the time of its own halving, in line with some current Bitcoin price predictions.
“I think probably twice this time [$75,000] because the leverage is lower, so we get to $150,000,” Mark Yusko, CEO of Bitcoin and crypto hedge fund Morgan Creek Capital Management, told CNBC.
“Once [the bitcoin halving] “When that happens, demand starts to increase, but the supply of new coins increases from 900 per day to 450,” Yusko said. “Towards the end of the year and historically about nine months after that, it starts to become more parabolic.” Halving… we see the price peaking before the next bear market.
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This surpasses its 2021 high of $69,000 per Bitcoin.Forbes Digital Assets
Bitcoin prices have already been boosted this year by the long-awaited debut on Wall Street of a fleet of spot Bitcoin exchange-traded funds (ETFs), which have accumulated a huge amount of Bitcoin as investors poured money into the funds.
“With so many people talking about the upcoming Bitcoin halving and the impact on US ETFs, it is clear that the market is waiting a long time for further price growth,” said John Glover, chief investment officer at Ledn, in via email comments sent.
“Investors should look for an opportunity to add to their long positions to the downside and not join those who plan to stop themselves on a break below $60,000,” Glover said, predicting that “for later this year There is still a prospect of $80,000 this year.”
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I am a journalist with extensive experience in technology, finance, business and business around the world. As founding editor of Verdict.co.uk, I have reported on how technology is changing the economy, political trends and the latest culture and lifestyles. I have covered the rise of Bitcoin and cryptocurrencies since 2012, charting its emergence from a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the Internet itself. I have worked and written for CityAM, the Financial Times and the New Statesman, among others. Follow me on Twitter @billybambrough or email me at billyATbillybambrough.com. Disclosure: I occasionally own a small amount of Bitcoin and other cryptocurrencies.
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