On Saturday, the Bitcoin halving occurred, reducing miner rewards by half from 6.25 Bitcoins to 3.125 Bitcoins per block. This decrease, according to Swyftx analyst Pav Hundal, may lead to a significant price increase of around 100% by the next halving in 2028, reaching an estimated price of $120,000 based on past trends.
Pav Hundal stated that the price increases ranged from over 60,000% in 2013, to approximately 12,000% in 2017, and finally around 2,000% in 2021.
Henrik Andersson of Apollo Crypto expresses a optimistic viewpoint, predicting that Bitcoin’s price could reach $200,000 before 2028. According to Pav, this confidence is fueled by the increasing adoption of Bitcoin among institutions, with the approval of no less than 11 new spot Bitcoin ETFs in the United States. Andersson’s firm also anticipates a significant inflow of $65 billion into Bitcoin ETFs during this market cycle.
Although some have raised doubts if Bitcoin’s price falls below $40,000, mining experts like Hundal and Andersson remain optimistic about its sustainability. They highlight the emergence of new revenue streams such as Ordinals and upcoming projects including Runes protocol and layer-2 networks. These developments are expected to boost mining profits. Furthermore, they downplay concerns over mining costs and energy efficiency, deeming them as unwarranted exaggerations.
Could the Bitcoin halving cause a significant price increase by 2028, considering predictions and elements such as growing institutional adoption and new sources of income for miners?
Read More
Sorry. No data so far.
2024-04-20 11:32