The highly anticipated 2024 bitcoin halving could spark a meteoric price rise, potentially driving its value to a staggering $400,000, suggests an analysis by Blockware Solutions. The forecasted supply trim in 2024 might ignite an explosive demand for bitcoin. The report highlights how a dynamic duo — a dip in sell-off pressures and a burgeoning buying spree — might set the stage for bitcoin’s most monumental cycle price surge ever.
Blockware Solutions’ latest report posits that post the impending halving, bitcoin’s price might catapult, marking an astounding 1,250% increase from current levels. Delving into historical data, the report emphasizes that bitcoin halvings have consistently spurred bullish tides for its price. The impending dip in mining rewards, coupled with a dwindling supply on exchanges, might set the stage for an unprecedented price surge, even outpacing prior halving cycles.
In terms of sheer numbers, Blockware predicts the halving will carve out over $2 billion in annual sales from miners. If bitcoin hovers around the $35,000 mark pre-halving, a subsequent 12-fold leap could translate to a price tag of $420,000 per bitcoin. The potentiality of matching gold’s whopping $12 trillion market cap is also highlighted.
“Assuming a price of $35,000 at the date of the halving, a $400,000 cycle top would break the trend of diminishing returns; a reasonable expectation due to the $2B halving supply shock and increasing scarcity of liquid BTC supply on exchanges,” the research elaborates. Bitcoin’s unequivocal issuance timeline implies that demand fluctuations aren’t offset by supply responses, indicating post-halving demand surges might be colossal….
