Bitcoin Halving is Over. Will Bitcoin Price Fall down?

Technology

Bitcoin Price Upper Limit Set At $4.5M For 4th Halving Cycle – Crypto News

Published

1 year ago

April 21, 2024

Dripp

As the 4th Bitcoin Halving concluded, experts have offered bold predictions for BTC’s future. Ecoinometrics, a leading crypto insights provider, has set the upper bound for the Bitcoin price in the fourth halving cycle at an astounding $4.5 million. In addition, a Bitcoin maxi offered a staggering $1 million target for BTC price.

Will BTC Surpass $1 Million?

In a statement, Ecoinometrics emphasized, “Some people think Bitcoin is due for more diminishing returns over the next four years. I think that’s not a hard rule.” They cited the example of large cap tech stocks to explain the situation. The analyst added, “Megacap tech stocks are not suffering from diminishing returns. And Bitcoin is currently playing in the same category in terms of market size.”

However, they expressed skepticism on the Bitcoin price surging as high as $4.5 million within the next few years. Moreover, the analyst also mentioned that the upper limit has been set considering that BTC will mirror the upward trajectory noticed after past Halving event. Nonetheless, they are optimistic about the Bitcoin price reaching mid six figures.

Alessandro Ottaviani, co-owner of the Store of Bitcoin podcast, echoed this sentiment. Ahead of the latest Halving event, he stated, “Here my predictions for the next epoch of Bitcoin (2024-2028): we will reach a price above $1m.” Ottaviani also anticipated a shift in market dynamics. He asserted, “No more bear market maximum 30% retracement. If it will be more, it is because the price went up very fast and therefore not really a retracement.”

Furthermore, Ottaviani envisions a significant inflow of institutional capital into Spot Bitcoin ETFs, with the total capital deployment exceeding $300 billion. In addition, he predicted that several S&P 500 companies will publicly disclose their ownership of Bitcoin or Bitcoin ETFs on their balance sheets.

Moreover, Ottaviani also highlighted Bitcoin’s potential to become an environmentally sustainable asset. He noted, “Bitcoin will become an ESG asset also in the mainstream narrative, contributing to increased renewable energy usage.”

Also Read: Bitcoin Gas Fee Surge: Abra Global CEO Explains Why

Bitcoin Price Holds $65,000

Bitcoin has rebounded significantly after attaining a low of $59,000 past week. At the time of writing, the Bitcoin price was up by 2.17% to $65,203.57 on Sunday, April 21. Whilst, the crypto held a gigantic market valuation of $1.28 trillion. Conversely, the 24-hour trade volume for BTC slumped 35.39% to $22.22 billion.

Longs and shorts witnessed a tough competition as the latter dominated owing to the price increase. According to Coinglass data, short liquidations amounted to $13.71 million, which was slightly higher than $13.37 million worth of long liquidations. This could lead to a sideways action as long liquidations catalyze a price decline while shorts propel the value owing to the sudden buying pressure.

Also Read: 4 Cryptocurrencies You Might Want To Sell This Bitcoin Halving