Bitcoin (BTC) has been the subject of varying price predictions as the next block subsidy halving approaches, expected to occur in April 2024. The halving, an event that reduces miner rewards earned per block by 50% every four years, is noted for its significant impact on Bitcoin's price performance.
On Friday, BitQuant, a popular social media commentator on the platform X, suggested a bullish outlook for Bitcoin. The pseudonymous "central banker and Bitcoiner" predicted a pre-halving target above $69,000 and a post-halving target of $250,000 per coin. "Yes, it's going to reach a new all-time high before the halving," BitQuant stated.
However, not all market participants share BitQuant's optimism. Last month, Bitcoin investor and author Jesse Myers dismissed any notion that BTC will be trading at six figures before the next halving.
In a similar vein, Filbfilb, co-founder of trading suite Decentrader, offered a more conservative pre-halving BTC price ceiling of $46,000 in an interview with Cointelegraph. "Assuming no black swan event, around $35,000 by the end of the year and possibly as high as $46,000 some time pre-halving in Q1 2024," he said.
Another pseudonymous trader on X, Rekt Capital, shared a graph indicating that BTC's current prices are within the expected pre-halving range. According to his chart, BTC still has room to fall and remain within this range. He also suggested that a bearish fractal forming could present a lucrative opportunity for traders in preparation for the post-halving rally.
As of Friday, Bitcoin was trading at around $26,400, up 1.3% in September so far according to data from monitoring resource CoinGlass. Meanwhile, Litecoin (LTC) was trading for $63.76, up 1.6% in the last week, still finding its footing after its most recent halving event.
As the next Bitcoin halving approaches, market participants continue to speculate on the potential impact on BTC's price. However, these predictions vary widely, reflecting the inherent uncertainty and volatility of the cryptocurrency market.
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