After the completion of the 4th Bitcoin Halving, predictions for Bitcoins future price have been quite bold from experts. For instance, Ecoinometrics, a well-known crypto insights provider, has estimated the maximum price for Bitcoin during this halving cycle to reach an astonishing $4.5 million. Moreover, a strong Bitcoin advocate has put forth a target of $1 million for the Bitcoin price.
Will BTC Surpass $1 Million?
According to Ecoinometrics, some believe Bitcoin will experience decreased returns over the next four years. However, the analyst expressed skepticism towards this viewpoint, using megacap tech stocks as an analogy. They pointed out that these stocks are not exhibiting signs of diminishing returns, and Bitcoin’s current market size places it in the same category.
Despite their doubts about Bitcoin reaching $4.5 million in the next few years, analysts have set an upper limit based on past trends following the Halving event. However, they remain hopeful that Bitcoin’s price will exceed the mid-six figure mark.
Alessandro Ottaviani, a co-host of the Bitcoin podcast “The Store,” shared his views before the most recent Halving occurrence. Looking ahead to Bitcoin’s next phase (approximately 2024-2028), he expressed confidence in reaching a price exceeding $1 million. Additionally, Ottaviani predicted a change in market behavior, suggesting that bear markets would no longer be as severe and might only amount to a 30% correction. If the correction was more significant, it would likely be due to an unusually rapid price increase rather than a true market downturn.
Additionally, Ottaviani anticipates a large amount of investment from institutions into Spot Bitcoin ETFs, surpassing $300 billion in total. Moreover, he believes that various companies included in the S&P 500 index will make Bitcoin or Bitcoin ETF holdings known to the public by listing them on their financial statements.
Additionally, Ottaviani pointed out that Bitcoin could develop into an eco-friendly investment option. He expressed his belief that Bitcoin would be recognized as a socially responsible investment (ESG) and help boost the adoption of renewable energy sources.
Bitcoin Price Holds $65,000
Bitcoin bounced back strongly after reaching a recent low of $59,000 last week. The Bitcoin price had risen by 2.17% to $65,203.57 as of April 21, Sunday. Despite the increase in price, Bitcoin’s market capitalization remained massive at around $1.28 trillion. In contrast, the 24-hour trading volume for Bitcoin saw a substantial decrease of 35.39% to approximately $22.22 billion.
In simpler terms, during this market clash, short sellers had an edge due to rising prices. According to Coinglass’s figures, short sellers saw $13.71 million in liquidations, just a tad more than long positions with $13.37 million in liquidations. This situation might result in a trading range as the long liquidations cause price drops, while shorts trigger buying pressure due to their forced purchases.
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2024-04-21 11:37