Bitcoin’s Parabolic Trajectory Anticipated to Reach $200K Post-Halving
NAIROBI (Coinchapter.com) – Bitcoin’s parabolic trajectory started today, trading at $63,700.67 after briefly dipping below $60,000 the day before. This volatility aligns with the anticipation of a key blockchain event – the Bitcoin halving on April 20, 2024, at 03:33 UTC. Halvings historically impact price movements by reducing the rate at which new bitcoins enter circulation, affecting supply dynamics.
BTC/USD price chart. Source: CoinMarkertCap
The Bitcoin halving is a pivotal event that occurs approximately every four years. It reduces the block reward for miners from 6.25 BTC to 3.125 BTC, effectively cutting the supply of new Bitcoin in half. This event is designed to maintain Bitcoin’s scarcity and control its inflation.
Bitcoin’s Parabolic Trajectory: The Bullish Case for $200K
As the countdown to the halving ticks down, the crypto community buzzes with predictions and analyses. Bitcoin has shed approximately 18% from its March 14 peak of $73,797, sparking debates about potential impacts. Gert van Lagen highlights the currency’s continued parabolic rise since November 2022, suggesting Bitcoin’s parabolic trajectory to $200,000 could be on the horizon.
Bitcoin parabolic surge. Source: TradingView
Bitwise’s chief investment officer, Matt Hougan, believes that Bitcoin’s price could surge above $200,000 this year due to a “massive supply-demand dynamic.” Hougan emphasized that “there’s too much demand and not enough supply” for the cryptocurrency, predicting “an even bigger wave” of demand driven by the introduction of spot Bitcoin exchange-traded funds (ETFs).
“It could be $100,000. It could be $200,000. It could be higher than that,”
Hougan said.
Bitcoin price performance around Halving. Source: NYDIG
Adding to the bullish outlook, ChartsBTC tweeted, “This suggests $200K this time next year.” Such forecasts further amplify the excitement surrounding Bitcoin’s potential post-halving milestones.
Experts Weigh In on the Bitcoin Halving’s Impact
Industry leaders anticipate the halving could cause short-term market volatility and shifts in investor sentiment, fueled by Bitcoin’s reduced supply. Manhar Garegrat of Liminal Custody Solutions expects increased trading activity.
Shivam Thakral of BuyUcoin suggests that despite possible short-term price dips post-halving, the trend could ascend to record highs later after Bitcoin’s parabolic trajectory. He also foresees a decrease in Bitcoin’s market dominance and a boost in altcoin investments and interest after the halving.
Jyotsna Hirdyani of Bitget points out that the halving endorses Bitcoin’s limited supply narrative. Past halvings have reduced Bitcoin supply and, if demand persists or grows, increased its price.
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Filed under: Bitcoin - @ April 18, 2024 8:13 pm