BTC slipped to $28,750 on Monday, throwing the market into a frenzy.
But the coin has been recovering and is selling for $29,142.9 at the time of writing, as investors turned it into a buy-the-dip opportunity.
According to leading industry experts, BTC is eyeing $100,000 before the next halving, despite the short-term ups and downs.
What you'll learn 👉
Halving has historically influenced BTC price
Bitcoin halving is one of the most pivotal milestones in the journey of the Bitcoin blockchain. It represents the event when the reward for mining is cut in half.
Network participants who validate Bitcoin transactions earn 6.25 bitcoins (BTC) for each block successfully mined now. The reward per block will slip to 3.125 by the next halving scheduled for April or May 2024.
The event is integrated into the Bitcoin roadmap to bring down the block reward over time. As a result, each halving has a lower impact than the previous, theoretically.
That hasn’t stopped it from heavily influencing the price of BTC, however. The social sentiment toward the event has always been momentous.
Industry leaders and experts are betting big on the upcoming Bitcoin halving. Many have openly announced their forecasts which stand around the $100,000 mark before April 2024.
Historical patterns hint at a strong post-halving bull run for BTC.
Mining companies are optimistic
One of the key parameters that help investors and traders in designing their BTC portfolio is the activity of miners.
For example, leading Bitcoin mining company Riot Platforms is expanding its mining capacity in preparation for the BTC halving.
“Riot is excited to announce our first order of Bitcoin miners for our Corsicana Facility from MicroBT. These new miners will contribute an additional 7.6 EH/s to Riot’s self-mining capacity when fully deployed and will further enhance our already strong fleet efficiency in advance of the upcoming Bitcoin halving,” the announcement notes.
If the company’s forecast turns out to be accurate, it will have a competitive edge in the market. Bitcoin halving significantly impacts average operational cost and profitability for miners.
To keep miners going and support Bitcoin network transactions without friction, the coin needs to trade above $98,000.
Industry experts share the sentiment
Adam Back, Blockstream CEO, is positive that Bitcoin is going to beat its all-time high and rise to $100,000.
In fact, he is betting on it.
Samson Mow, Jan3 CEO, also expects BTC to beat records before halving.
A research report published by Standard Chartered recently revised its 2024 year-end Bitcoin price prediction to $120,000 from the $100,000 predicted in April.
The British multinational bank now finds the earlier estimate too conservative and sees an upside to its end-2024 target.
As miner profitability per BTC mined decreases, BTC supply and sales will plunge, leading to a price rise after the halving. The bull run is unlikely to be a short-term phenomenon.
“The rationale here is that as well as maintaining the bitcoin ledger, miners play a key role in determining net supply of newly mined BTC,” according to Geoff Kendrick, Standard Chartered head of FX and digital assets research.
Bitcoin halving is not just about bitcoin
Being the world’s largest cryptocurrency, any fluctuation in the price of Bitcoin impacts the market as a whole.
Bitcoin halving is predicted to initiate a bull season in the crypto market toward the end of this year. Although the market has been recovering since January, with most cryptocurrencies attempting to reverse the losses made over the last two years, a strong upward momentum has yet to unfold.
Industry experts believe that the social euphoria around Bitcoin halving will catalyze the next bull run. Bitcoin won’t be the only asset to benefit from it. High-cap altcoins like Ethereum, Cardano, Avalanche, and Polkadot are predicted to follow suit.
“These next months leading up to the BTC Halving will be crucial if you want to make it big in the next 1.5-2 years in crypto. These months will offer you the necessary retraces for altcoins that you need to take advantage of to make a terrific ROI Post-Halving,” says leading technical analyst Rekt Capital.
Can Ethereum piggyback to $5000?
Ethereum is the world’s second-largest cryptocurrency. A surge in the price of BTC is likely to translate into positive momentum for ETH, which is down to $1,827.16 at the time of this writing.
A conservative price prediction for Ethereum toward the end of this year is $2250. As the BTC bull run gains momentum stepping into 2024, ETH has the potential to rise to $3000.
It is not a long shot, given that the coin’s all-time high has been $4,891.70.
Ethereum 1-week price action, 8 Aug 2023, CoinMarketCap
The coin can capitalize on the broader market volatility, but it remains to be seen how realistic $5000 is. Although the mark is slightly above the coin’s all-time high, the increasing competition within the blockchain niche is likely to spread out the upside potential.
Blockchains like Cardano, Polkadot, Avalanche, Optimism have given Ethereum a run for its money this year. The market environment is only growing fierce as the Ethereum ecosystem proves to be inefficient despite upgrades. New blockchains, on the other hand, meet the demands of the evolving market.
Diversification is key to innovation. It is in the best interest of the market if the blockchain niche shares the positive momentum, rather than concentrate it to heavyweights like Ethereum and Cardano.
XRP is in a corrective phase, while XRP20 targets 4500% growth in 2023
Ripple has shocked the market again.
The market was hoping for a volatile bull run for XRP to $1 after the victory in the SEC lawsuit. After an initial momentum, the price of XRP has been falling.
The token has dipped 11.3% in the last two weeks against a 31.7% rise on the monthly chart.
At the time of writing, XRP is selling for $0.62. If the trend continues undeterred, XRP is predicted to find support at $0.45 this month.
XRP 1-week price action, 8 Aug 2023, CoinMarketCap
XRP20, on the other hand, has been capitalizing on the dip.
Over the weekend, the presale closed in on the $1M milestone as the momentum grew. As of now, XRP20 has accomplished $1,155,521.2 out of its soft cap target of $1,850,000.
Milestone Update!🎉— XRP20 (@XRP_20) August 7, 2023
Today we achieved a monumental milestone in our #Presale raise!🎊
Raising over $1 Million!💸
A massive thanks to the entire #XRP20Army for their unbelievable support!💪
Don’t wait any longer, join now and get your $XRP20 #Tokens!🔥https://t.co/l238y01sFA pic.twitter.com/ylTBjiXYzj
Each piece of XRP20 is selling for $0.000092.
At the current pace, the presale will sell out this week, as more XRP investors cash out to join the presale. These are some key factors behind the shift:
- XRP20 is an ERC-20 token that is designed to reignite the passion of the XRP Army.
- XRP presale was largely inaccessible to retail investors. But XRP20 opens an early investment opportunity to retail investors.
- The low initial market cap of XRP20 is another highlight, which leaves room for anywhere from 3000-5000% growth this year. The best XRP can aim for this year is $1, which is less than 50% growth. But XRP20 can give multifold returns to investors, given its low entry point.
- XRP caters to legacy financial institutions. As a result, it lacks utility for retail investors. XRP20 introduces on-chain staking as a retail utility, which ensures consistent demand and sustainability for the token. Anyone who owns XRP20 can stake their tokens to earn attractive passive income.
- Another compelling feature of XRP20 is its deflationary tokenomics with a buy and burn mechanism that sends 0.1% of every buy and sell to a burn address. Together, staking and burning ensure the sustainable growth of XRP20.
Bitcoin halving has the potential to translate to a 10,000% surge for XRP20 from the presale price. But XRP’s price predictions are bleak, given its large market cap and lack of key milestones ahead. The best it can target amid the 2024 bull run is $1.5.
Dogecoin and Shiba Inu to make way for new meme coins
2023 has been a year of meme coins.
Although DOGE and SHIB have given a lukewarm performance throughout the year, meme coins like Pepe, Wall Street Memes, Chimpzee, and Shibie continue to enjoy the limelight. It all started with Pepe’s shocking bull run.
Pepe all-time price action, 8 Aug 2023, CoinMarketCap
The Pepe hype is dead by now. But it may attempt a rebound to its all-time high of $0.000004354 next year. It is unlikely to retain its position as the third-largest meme coin after the launch of Wall Street Memes (WSM), however.
The latest meme coin sensation is likely to go live on leading crypto exchanges this month with a 7500-10,000% surge.
Whale investments in the project are growing. For example, an investor bought 460 ETH worth of WSM last week. Soon after, the presale crossed the $20 Million mark. The presale has raised $22,196,944 at the time of writing.
Given that there is less than $8 million to reach the presale target of $30M, there is little time for early investors to join the project.
Wall Street Memes is a global community of 1M+ investors, traders, and business leaders. Among its audience include Elon Musk, who has engaged with the meme community multiple times in the past.
Once launched, the meme coin is widely predicted to smash records and trigger a bull run that surpasses Pepe. The meteoric presale stands as testimony to the community’s influence among degens.
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