Experts prepare their predictions for the biggest crypto event of the year, Bitcoin halving! Are these predictions accurate?
The expected Bitcoin halving event is just a few days away and forecasts flooded the market with many experts expressing their views on what will happen after the event.
It is no secret that the crypto market is full of projections and divided views from different cryptocurrency experts. As halving approaches, many experts have expressed their predictions about the price of the largest cryptocurrency by market value.
Many people believe that these predictions about Bitcoin halving are true. Although the details may not be very close to the actual result, the general forecast, let’s say that a “bullish run” is almost expected, based on the history of this event. Over the years, there have been many predictions for which some have happened and this year looks no different. According to some experts, this year’s event will see the amount of supply entering the market shrink, while its demand remains the same, eventually raising the price.
In the first two events in 2012 and 2016, Bitcoin halving saw the price of the digital currency rise without precedent. History plays a vital role in assessing and predicting the behavior of an asset and the market to get results, and so the question is being asked, this year will history repeat itself and send the price of Bitcoin to the moon? Many experts also argued that history alone cannot be the basics of predictions, as sentiments in the crypto market change every year. Many predictions for this year have been made and this article will deal with three of them
The first prediction is from Dan Morehead, the Founder and CEO of Pantera Capital. In a letter to investors last month, Mr. Morehead stated that Bitcoin would peak in 12 months after the event, in August 2021, totaling $ 533,431. He added that this would only happen “if history repeats itself” and that there is more than 50 chances that the price of Bitcoin will rise and, if it does, it will rise a lot.
Preston Pysh, an expert on the Warren Buffett method and founder of the Buffett’s Book, in an interview with technology podcast presenter Nathan Latka, said that the price of Bitcoin could reach $ 300,000 after this year’s halving.
According to Pysh, the two previous events were followed with insane bullfights and expects the same this year, with Bitcoin rising in a month or two after the event. He stated that the basics for a bull run will be the forces of demand and supply in the market and nothing more. Pysh added that there will be a shortage of Bitcoin, as his miner’s reward will be reduced by 50% and, as his mining becomes difficult, his demand will increase. Pysh added that the effects of the global pandemic, showed the value of Bitcoin as a ‘safe haven’ for investors.
Jesse Powell speaking about the event stated that he overhears a lot of people talking about history and correlation and, for him, the price of Bitcoin will reach $ 100,000 after the event, and perhaps $ 1 million. “That’s right,” he added. According to him, miners will be forced to raise the selling price of Bitcoin.