The price of Bitcoin has experienced a significant increase recently, surpassing the $30,000 threshold for the first time in weeks. There is a strong optimistic sentiment due to encouraging indications from major financial institutions like Blackrock, who are seeking approval for a Bitcoin ETF. However, the question remains: What is the upper limit for Bitcoin’s price before the Halving event in 2024? Can Bitcoin reach its ATH price once again?
Why is Bitcoin up recently?
In the last few days, the Bitcoin price has seen a sharp rise and was able to surpass the $30,000 mark for the first time in weeks. The Bitcoin price is just below the annual high of slightly above $31,000. This move happened as crypto prices retraced to their support level, and then consolidated for a few weeks. After the accumulation came the price explosion.
When is the next Halving?
The next Bitcoin Halving is said to take place on April 28, 2024. The mining rewards, the rewards for mining bitcoins by the miners, will be halved again. This time there is a halving from 6.25 to 3.125 bitcoins.
This supply shock has historically been a bullish signal and the initiation of the bull market. Normally, the Bitcoin price reaches a new all-time high for the existing cycle about 1.5 years after the halving. This could be the case again in 2025.
Can Bitcoin reach its ATH again?
Some observers assume that the price should rise massively before the next halving in 2024. The positive signals from large financial companies such as Blackrock, which wants to have its own Bitcoin ETF approved by the US Securities and Exchange Commission, could cause the price to explode in the coming weeks and months.
It therefore seems quite possible that the Bitcoin price will approach the $50,000 or even $60,000 marks in the coming months. A price of $70,000 would be a new all-time high. We rather assume that the BTC price can rise again to $50,000 before the halving.