Bitcoin Beyond 2024: Forecasting the Post-Halving Journey

As Bitcoin (BTC) enters a brief bullish phase, attention is now focused on its ability to sustain these gains in the upcoming months. Supported by significant factors such as the recent approval of a spot Bitcoin exchange-traded fund (ETF) and the forthcoming halving event, analysts are making confident predictions regarding the asset’s future.

Current Status of Bitcoin

Following a promising start to 2024, Bitcoin encountered selling pressure but successfully maintained levels above $43,500. Despite these challenges, the cryptocurrency continues to generate interest and optimism among analysts. The recent approval of the spot Bitcoin ETF is perceived as a long-term driver. The impending halving event further reinforces the prevailing bullish sentiment. However, at press time, BTC was trading at $42,038.97 with a 2.64% daily surge.

PlanB’s Striking Forecast

PlanB, renowned for the Stock-to-Flow (S2F) model, recently unveiled a prominent prediction for Bitcoin’s post-2024 halving trajectory. Reflecting on Bitcoin’s historical journey and public sentiment, PlanB noted the skepticism faced in 2015 when Bitcoin was valued at $400. In 2019, with BTC reaching $4,000, PlanB’s S2F model accurately predicted a future value of $55,000. Now, with Bitcoin at $40,000, PlanB envisions an extraordinary $532,000 valuation after the 2024 halving event, notes the model’s significance.

Perspectives from Market Analysts

Well-known crypto analyst Michael van de Poppe aligns with PlanB’s positive outlook. He expressed the belief that achieving the projected $532,000 target appears feasible, given the increasing institutional investment in BTC.

With the approval of the spot Bitcoin ETF just around the corner, BTC enthusiasts are vigilantly monitoring the situation. The US Securities and Exchange Commission (SEC) is scheduled to vote on the 19b-4 forms soon, and applicants are expected to submit Form S-1 by Jan. 8, 2024. Bloomberg’s Analysis indicates a diminished likelihood of ETF rejection, with a 5% probability, citing recent discussions between SEC officials and applying firms.

Also Read: Traders Predict BTC Dip With $36B Sale- Best Crypto to Buy if Bitcoin Crashes

Support Levels and Potential Scenarios

Cryptocurrency analyst Ali Martinez identifies a robust support wall in the Bitcoin market. He noted that approximately 1.11 million BTC were acquired in the $42,560 to $43,245 range. Maintaining this support, according to Martinez, could lead to an upward movement with limited resistance. Conversely, a failure to hold this range might result in a downward trend. The next critical support area ranges between $26,770 and $30,220.

Post-Halving Predictions

SkyBridge’s Anthony Scaramucci contributes to the optimistic projections, foreseeing Bitcoin’s price potentially surpassing $170,000 by 2025, attributing this to the Halving. Scaramucci emphasizes data-dependent predictions, citing past Halving events where prices multiplied fourfold 18 months after the occurrence. His forecast indicates a potential $170,000 price if Bitcoin is at $35,000 during the Halving. Additionally, a $200,000 price zone would follow if it reaches $50,000 around that time.

The trajectory of Bitcoin after the 2024 halving event is enveloped in optimism, spanning from PlanB’s $532,000 valuation to Scaramucci’s data-driven projections. As the cryptocurrency market evolves, investors and enthusiasts eagerly anticipate the outcomes of key events and developments that have the potential to shape Bitcoin’s journey in the months and years ahead.

Also Read: JPMorgan Expects ‘Limited Downside’ for Bitcoin (BTC)

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