The recent surge in Bitcoin’s price can be attributed to the anticipation of imminent approval for Bitcoin Spot ETFs in the coming days. The potential approval holds significant implications for both Bitcoin’s value and the broader cryptocurrency market. What are three potential outcomes that may unfold upon the approval of a Bitcoin ETF? The other crucial factor to consider here is Bitcoin halving in 2024. What will be the impact of Bitcoin halving on the BTC price? Let’s take a look at this Bitcoin price prediction article in more detail.
Bitcoin Price Prediction: How has the BTC price moved in recent days?
As of the latest information, the current price of Bitcoin stands at $43,546, experiencing a 24-hour trading volume of $106.72 billion. Bitcoin’s market cap is recorded at $853.19 billion, with a market dominance of 52.32%. Over the last 24 hours, the BTC price has witnessed a decrease of -1.06%.
Bitcoin achieved its peak price on November 10, 2021, reaching an all-time high of $68,770. Conversely, its lowest recorded price was on July 17, 2010, when it traded at its all-time low of $0.050000. The lowest price observed since the all-time high was $15,599 during the cycle low, while the highest BTC price since the last cycle low reached $45,876 during the cycle high. The current sentiment for Bitcoin price prediction is categorized as neutral, and the Fear & Greed Index registers at 71, indicating a state of greed.
With a circulating supply of 19.59 million BTC out of a maximum supply of 21.00 million BTC, the current yearly supply inflation rate stands at 1.95%, resulting in the creation of 375,576 BTC in the last year. In terms of market cap, Bitcoin maintains its top position in the Proof-of-Work Coins sector as well as the Layer 1 sector, securing the first rank in both categories.
Bitcoin Price Prediction: Will Bitcoin’s Price Reach Its Peak After the Halving?
As the date for Bitcoin Halving approaches, historical data indicates that the event has historically resulted in considerably higher returns for Bitcoin’s price in the aftermath compared to the period leading up to the event.
Examining the percentage rise in BTC price during past Bitcoin halvings proves to be intriguing.
- In the interval between the first and second halvings, the initial value of BTC hovered around $12. However, it experienced a remarkable surge, skyrocketing to over $1,200, translating to an astonishing increase of 10,000%.
- During the span between the second and third halvings, BTC maintained a relatively stagnant value of approximately $650. Post the halving event, the cryptocurrency’s worth surged dramatically to nearly $19,000, representing a remarkable increase of over 2,900%.
- The most recent halving yielded a price increase of about 750% for BTC, which may seem moderate in comparison to the previous halving. Beginning around $9,000, the cryptocurrency surged to almost $70,000.
Derived from the aforementioned data, the percentage increase in price for each halving diminishes by a factor ranging from 3.4 to 3.8 compared to the preceding increment. Consequently, if this pattern persists, the anticipated BTC price surge for the 2024 halving might hover around 220% from its lowest recorded value.
Over the past year, the BTC price has exhibited a remarkable surge, with its price experiencing an impressive 157% increase. This performance has positioned it among the top-performing assets, outperforming 74% of the top 100 cryptocurrencies in the same timeframe.
Notably, it has even outpaced Ethereum, one of the leading cryptocurrencies in the market. The consistent upward trajectory is further emphasized by the fact that BTC is currently trading above the 200-day simple moving average, signifying a sustained bullish trend. In the last 30 days, the Bitcoin price has demonstrated strength, recording 16 green days, accounting for 53% of the observed period. Its liquidity is robust, as indicated by its substantial market capitalization.
Additionally, the yearly inflation rate stands at a modest 1.95%, reflecting a controlled and sustainable supply. Based on these factors, Bitcoin exhibits positive momentum and appears well-positioned for potential growth and continued market resilience.
Therefore, there’s a Bitcoin price prediction that Bitcoin will be traded in a range between $30000 and $142,593. If it hits the higher end of this range, BTC could see a rise of 238%, reaching $142,593.