The latest Bitcoin halving event on April 20 has crypto analysts and investors speculating about where the price of the world’s largest cryptocurrency could be headed next. The highly anticipated halving reduced the amount of new bitcoin entering circulation by 50% due to the pre-programmed changes in the network’s code.
According to Seth, a popular crypto analyst on X, historical patterns suggest the bitcoin price could embark on a 75-week uptrend following this halving, plus or minus a few weeks. “If this time is not different, then expect 75 weeks of uptrend from now,” Seth stated, referring to previous post-halving bull runs.
The reduction in new bitcoin supply is a core part of the cryptocurrency’s deflationary monetary policy designed to control inflation. As Seth explains, “It means fundamentally the price has to increase because miners now earn 50% less than yesterday.”
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Show more +To compensate for lower block rewards, miners will likely increase their computing power, known as hashrate, to earn as much revenue as before the halving. However, higher hashrates make it more difficult and expensive to mine new bitcoin. This cycle creates “an up only trajectory” for bitcoin’s price over time, according to That Martini Guy, a crypto influencer.
In the near-term, the crypto trading signal account CoinSignals expects bitcoin to trade between $60,000 and $66,666 over the next few weeks barring any major breakouts. A weekly close below $60,000 could foreshadow a “quick drop” towards $50,000 before the resumption of a larger bull run.
That Martini Guy is extremely bullish on bitcoin’s long-term prospects following the halving. Describing a potential “supply squeeze” where demand outpaces the declining new supply, he states, “$1,000,000 Bitcoin is coming. It is only a matter of when, not if.”
Only time will tell how high bitcoin can climb in the current cycle as the halving’s true impacts play out across the crypto markets.
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