Bitcoin stands strong at $70,004 (BTC/USD) in the ever-changing market, showing only a slight dip of 0.92% since Tuesday. The digital currency seems to have hit a new obstacle, with this price point proving to be a tough nut to crack during yesterday’s trading as well.
Potential investors may be claiming they’ll sell at a certain price, but the real power players, the whales, are holding onto their precious Bitcoin reserves. With their sights set on a new all-time high, possibly soaring past $73,750, these savvy investors are playing the long game.
The crypto world is buzzing with predictions of a meteoric rise for a popular coin, with some experts even forecasting a staggering $100,000 price point in the near future.
While this was initially expected to coincide with the highly-anticipated halving event happening in less than a month, it seems that this may not be the case. However, all hope is not lost as there is a possibility of hitting the $100,000 mark before the year ends.
Unfortunately, the previously speculated $150,000 milestone for 2024 may be out of reach for now, as Bitcoin has been hovering between $60,000 and $70,000 for quite some time, lacking the necessary momentum for such a significant surge.
How Halving Will Affect Bitcoin
As the mining process becomes more challenging, the market cap rate will hit the brakes, leaving traders on the edge of their seats.
Every four years, the world of cryptocurrency experiences a monumental shift as Bitcoin undergoes a transformative event. The production of this digital currency is slashed in half, a strategic move to preserve its finite supply and prevent its depletion. Coded into its very foundation, the halving process extends the timeline for when the ultimate limit of Bitcoin will be reached.
The true cause of this frenzy, whether it be the halving itself or the shifting perception of value and supply, is a hot topic of discussion.
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As the clock ticks towards this pivotal moment, a shift in the mining landscape is bound to occur. The once bustling community of miners will dwindle, unable to reap the same rewards for their tireless efforts. With diminishing returns, some will inevitably retreat from the race, leaving a void in the Bitcoin market. This scarcity will only serve to elevate the preciousness and worth of this digital currency.
The countdown to the halving event is officially on, with only 24 days left until the big day.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.