1. BITBILIHome
  2. Article

Will Bitcoin hit $100k before the 2024 halving?

• 126 views

TL;DR Breakdown

  • The price of Bitcoin sits at $29,334 with a $571 billion market cap, representing a Bitcoin dominance of 46.95%.
  • As crypto enthusiasts await the next bull run, a market analyst summarizes that  Bitcoin will not hit close to $100,000 before the next halving.
  • Other market analysts share a different opinion, as they expect a bull run in October leading up to April 2024.

Description

Jesse Myers, a Bitcoin investor and author, believes that according to market analysts, Bitcoin won’t reach six figures until the block subsidy halving in 2024. Myers, the co-founder of Bitcoin investment firm Onramp, stated in an X (formerly Twitter) post on August 15 that the market would only “price in” the halving after the fact. … Read more

Jesse Myers, a Bitcoin investor and author, believes that according to market analysts, Bitcoin won’t reach six figures until the block subsidy halving in 2024. Myers, the co-founder of Bitcoin investment firm Onramp, stated in an X (formerly Twitter) post on August 15 that the market would only “price in” the halving after the fact.

Bitcoin set to see a close failure

According to Binance, the live price of BTC sits at $29,334.03 per (BTC / USD) with a current market cap of $ 570.78B. 24-hour trading volume is $12.49B. Bitcoin is -0.11% in the last 24 hours with a circulating supply of 19.46M.

CoinGecko reports that today’s global crypto market cap is $1.22 Trillion, a -0.16% change in the last 24 hours and a 1.62% one year ago. As of today, the market cap of Bitcoin (BTC) is at $571 Billion, representing a Bitcoin dominance of 46.95%.

The four-year halving cycles of BTC are back in the spotlight as the next halving event approaches in the first half of 2024.

The reward per block of transactions earned by miners will decrease from 6.25 BTC to 3.125 BTC, and analysts are excited about the corresponding decline in emission and its impact on supply and demand.

However, for Myers, markets will not reflect these implications until after the halving has occurred. He concluded that BTC will not surge to $100,000 before the next halving.

Justification is in the form of market intuition criticism. Myers asserts that the Efficient Market Hypothesis, which states that markets always reflect the actual condition of a given asset, is “incorrect.”

He argues rather that the market will price in the altered reality over the subsequent 12 to 18 months. Current analysis indicates that BTC price performance in the year preceding a halving event has been comparable on each occasion.

The market effect of BTC halving

Contrary to some recent forecasts for how BTC’s price action will evolve in the coming months and beyond, this position contradicts these projections. Some believe that a breakout is imminent, with October as the popular target date for the Bitcoin bull market to return. Pre-halving price forecasts of $100,000 or more are not uncommon.

Robert Kiyosaki, author of the popular book “Rich Dad Poor Dad,” is one of the most recent proponents of a six-figure Bitcoin price. This week, he doubled down on his BTC price prediction.

Moreover, historical analysis indicates that the majority of Bitcoin’s cycle advances occur after a halving, as opposed to in the lead-up to one.

This month, the trading team Stockmoney Lizards revealed that it took a maximum of 240 days for BTC/USD to reach a new all-time high following the previous three halvings.

Bitcoin operators pick up the pace

Amid the dying BTC woes in America, Bitcoin Depot, an ATM operator based in the United States, reported its highest-ever revenue for the second quarter of 2023 as the company seeks to expand its footprint following its recent Nasdaq listing.

Bitcoin Depot released its Q2 results alongside other firms in the crypto ecosystem, recording quarterly revenue of $197,5 million. The company noted that this is an all-time high and an 18% increase from the same period in 2022.

Will Bitcoin hit 0k before the 2024 halving?Will Bitcoin hit 0k before the 2024 halving?

Additionally, the company’s net loss of $6.1 million decreased by 249% year-over-year. Its second-quarter profit was $25.9 million, and its gross profit margin was 13%, up from 8% in the same quarter of 2022.

Brandon Mintz, the founder and chief executive officer of Bitcoin Depot, stated that the company plans to continue expanding through 2023 following its Nasdaq listing. The listing took place on July 3 after the completion of a merger with GSR II Meteora Acquisition Corp.

Bitcoin Depot has also announced partnerships with convenience retailers across the United States in an effort to increase the number of Bitcoin access points nationwide. In February 2023, the corporation also converted the software of its ATMs to BitAccess. 

According to reports, the conversion eliminated previous annual licensing fees, which were incurring additional expenses. Will this renewed focus on BTC affect its price ahead of the halving? If yes – what will be the market value extent?

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Will Bitcoin hit $100k before the 2024 halving?

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月16日 04:37
Next 2023年8月16日 06:11

Related articles

  • Why is the crypto market down today? September worries build-up

    TL;DR Breakdown Crypto markets fall, losing all the gains from the favorable Grayscale court verdict. Core PCE data has shaken up digital asset markets. Core PCE in July rose 4.2% year over year, up from a 4.1% annual rate recorded in June but in line with analysts’ expectations. NFT markets have started to show signs of recovery after a dead silence in the last few months. Description The fourth quarter of 2023 has arrived, and the performance of the crypto market does not appear promising. Bitcoin and other crypto coins fell following the release of crucial inflation data, continuing their decline after a rally this week in response to a favorable court ruling. September has historically been a difficult month for Bitcoin, … Read more The fourth quarter of 2023 has arrived, and the performance of the crypto market does not appear promising. Bitcoin and other crypto coins fell following the release of crucial inflation data, continuing their decline after a rally this week in response to a favorable court ruling. September has historically been a difficult month for Bitcoin,…

    Article 2023年9月1日

  • US SEC advisory group urges rebranding of leveraged ETFs

    TL;DR Breakdown The SEC’s Investor Advisory Committee (IAC) is pushing for a rebranding of single-stock and leveraged ETFs, due to their distinct functionality from traditional ETFs. These non-traditional ETFs are seen as riskier and have higher fees than traditional ones, leading to investor confusion. Description The Investor Advisory Committee (IAC), an arm of the Securities and Exchange Commission (SEC), is urging a rebranding for single-stock ETFs and other non-traditional exchange traded products (ETPs). According to the committee, the current naming conventions have led to significant investor confusion, primarily because these products function differently from traditional ETFs. Divergent from traditional ETFs … Read more The Investor Advisory Committee (IAC), an arm of the Securities and Exchange Commission (SEC), is urging a rebranding for single-stock ETFs and other non-traditional exchange traded products (ETPs). According to the committee, the current naming conventions have led to significant investor confusion, primarily because these products function differently from traditional ETFs. Divergent from traditional ETFs Single-stock ETFs, which invest directly in one security or via options markets, and leveraged ETFs, which can offer leverage up to five…

    Article 2023年6月29日

  • Google’s upcoming AI system threatens to steal ChatGPT’s thunder

    TL;DR Breakdown DeepMind’s Gemini AI system aims to surpass OpenAI’s ChatGPT with additional planning and problem-solving skills. Gemini’s release is eagerly anticipated, but further research is needed to understand the potential risks of advanced AI systems. Google faced setbacks with its chatbot project, Bard, due to concerns over societal implications and inadequate documentation. Description In a bold move to outshine its competitors, DeepMind, Google’s renowned AI arm, has unveiled its highly anticipated Gemini AI system, poised to surpass the capabilities of OpenAI’s ChatGPT. Gemini, a large language model (LLM), is set to revolutionize the field of AI by integrating additional skills such as planning and problem-solving, according to DeepMind … Read more In a bold move to outshine its competitors, DeepMind, Google’s renowned AI arm, has unveiled its highly anticipated Gemini AI system, poised to surpass the capabilities of OpenAI’s ChatGPT. Gemini, a large language model (LLM), is set to revolutionize the field of AI by integrating additional skills such as planning and problem-solving, according to DeepMind CEO Demis Hassabis. During Google’s recent I/O developer conference, Hassabis showcased Gemini alongside…

    Article 2023年6月30日

  • Filecoin has seen an increase in storage deals on its network in Q2: Report

    TL;DR Breakdown Currently, Filecoin averages 954.2 pebibytes (1.07 billion gigabytes) worth of storage deals, while its raw storage capacity stands at 12.2 exbibytes (14.1 billion gigabytes).  Despite a decline in revenue in dollar terms, the platform generated 2.5 million of its own Filecoin tokens, equivalent to $11.5 million, during the most recent quarter.  To cater to storage retrieval requirements, the platform is developing Project Saturn, a content delivery network (CDN) for Filecoin and IPFS (InterPlanetary File System).  Description A recent report by Messari reveals that Filecoin, a decentralized storage protocol, has seen an increase in storage deals on its network. Currently, the protocol averages 954.2 pebibytes (1.07 billion gigabytes) worth of storage deals, while its raw storage capacity stands at 12.2 exbibytes (14.1 billion gigabytes). This surge in uptake comes after a period … Read more A recent report by Messari reveals that Filecoin, a decentralized storage protocol, has seen an increase in storage deals on its network. Currently, the protocol averages 954.2 pebibytes (1.07 billion gigabytes) worth of storage deals, while its raw storage capacity stands at 12.2 exbibytes…

    Article 2023年7月15日

  • New China law threatens companies’ safety

    TL;DR Breakdown The new Chinese counterespionage law poses risks for American and other foreign companies operating in China, possibly leading to penalties for regular business operations. The law, effective from July 1, broadens the definition of spying and prohibits sharing of information related to national security. The U.S. National Counterintelligence and Security Center warns that this could give the Chinese government more control over data held by U.S. firms in China. Description The prospect of conducting business in China, the world’s second-largest economy, has become exceedingly uncertain and risky for American and international companies alike. The Chinese government’s new counterespionage legislation has started ringing alarm bells, leaving foreign firms fretting over the potential penalties that could stem from routine business operations. China tightens its hold on business … Read more The prospect of conducting business in China, the world’s second-largest economy, has become exceedingly uncertain and risky for American and international companies alike. The Chinese government’s new counterespionage legislation has started ringing alarm bells, leaving foreign firms fretting over the potential penalties that could stem from routine business operations. China…

    Article 2023年7月4日
TOP