Analyst Predicts Significant Downturn for Bitcoin Price Before It Reaches $1 Million Milestone
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Billy Markus, famous for creating Dogecoin and his fondness for memes, posed a playful question about the Bitcoin halving on X, using his alter name “Shibetoshi Nakamoto.” He jokingly asked users if the halving meant the price would halve, too.
Is Bitcoin Crash on the Cards?
The humorous remark from Markus taps into the worries of some Bitcoin fans who are anxious about a possible price decline post-halving. Here’s what it means.
Even the official Kraken exchange account chimed in, clarifying that halving doesn’t work that way. Markus responded with a tongue-in-cheek, “What if it does, though?”
Meanwhile, Bitcoin advocate Samson Mow from Jan3 encouraged everyone to appreciate Bitcoin’s current value of $0.06 million and reminded them that we are still in the early stages of Bitcoin’s potential. While he didn’t make specific price predictions, he has previously hinted at Bitcoin reaching $1 million, emphasizing the long-term perspective.
With just one day to Bitcoin halving, scheduled to cut block rewards in half for miners, the community eagerly awaits Bitcoin’s price reaction. During this fourth halving, each new block will yield miners 3.125 BTC instead of 6.25 BTC, further solidifying Bitcoin’s deflationary nature and reducing its supply injected into the market. Influencers like Mow believe that the halving will create a supply shock, while the emergence of spot BTC ETFs contributes to a demand shock in the market.
Bernstein researchers project a 7% drop in network hash rate after the halving, as less efficient miners exit amid increased revenues from ETFs. Hong Kong’s approval of BTC and ETH ETFs in Asia signals the potential for similar moves in South Korea, Japan, and Singapore. Reports suggest Hong Kong’s ETFs could attract up to $25 billion in the capital when trading begins by April 30.
What next?
Looking at the bigger event and crash reports, the traders assume it to be just a minor pullback, the markets are preparing to display a diverse price action being extremely volatile at the moment. The major reason to be bearish on Bitcoin is that the token has formed a double-bottom pattern below the current levels, along with a lot of liquidity, which is required for the whales to execute huge orders.
The post Analyst Predicts Significant Downturn for Bitcoin Price Before It Reaches $1 Million Milestone appeared first on Crypto Adventure.
Filed under: Bitcoin - @ April 19, 2024 6:01 am