Bitcoin

when

Squawk

The fourth Bitcoin halving <a href="https://www.newsbtc.com/news/bitcoin/halving-block-bitcoin-840000/" target="_blank" rel="noopener nofollow">has now been completed</a> and crypto investors <a href="https://www.newsbtc.com/news/bitcoin/fourth-bitcoin-halving-completed/" target="_blank" rel="noopener nofollow">look forward to its outcome</a> in terms of the price of Bitcoin and other cryptocurrencies. As the biggest crypto asset, the price of most altcoins are largely correlated with Bitcoin’s, making the halving event very important to all investors.&nbsp; 
According to Matt Hougan, CIO of crypto index fund provider Bitwise Asset Management, the just concluded Bitcoin halving presents a buying opportunity for crypto investors.&nbsp; 
<h2 id="b-is-bitcoin-halving-a-buy-the-news-opportunity-b">Is Bitcoin Halving A ‘Buy The News’ Opportunity?</h2> 
Bitcoin halving events are highly anticipated in the crypto world. While speaking in <a href="https://www.cnbc.com/video/2024/04/19/bitcoin-prices-will-rally-substantially-after-this-weeks-halving-says-bitwise-cio-matt-hougan.html" target="_blank" rel="noopener nofollow">an interview with CNBC Squawk Box</a>, Hougan noted that Bitcoin prices will rally substantially after the halving, making it a “buy the news” event, especially when looking at the long term. 
Hougan went ahead to analyze Bitcoin’s price action in the months after the halving, noting how the asset’s price rallied substantially in the year after the last three halvings. Hougan credits this price increase to the supply crunch in the months after the halvings.&nbsp; 
“The amount of new supply of Bitcoin coming into the market is being cut in half. We’re removing $11 billion of annual supply. I think big picture, that has to be good for price and that’s what I would expect over the next year,” Hougan said.&nbsp; 
When asked about the potential of Bitcoin being used as a <a href="https://www.newsbtc.com/bitcoin-news/inflationary-concerns-rise-as-us-cpi-exceeds-predictions-bitcoin-price-reacts/" target="_blank" rel="noopener nofollow">store of value</a> amidst <a href="https://bitcoinist.com/why-did-dogecoin-shiba-inu-and-other-meme-coins-crash/" target="_blank" rel="noopener ">geopolitical tensions</a>, particularly in the <a href="https://www.aljazeera.com/news/2024/4/13/israeli-army-says-iran-has-launched-drones-at-israel" target="_blank" rel="noopener nofollow">Middle East</a>, Hougan noted the crypto’s ability is best seen in the big picture.&nbsp; 
“If you look big picture, its done a great job of protecting us against inflation post-COVID. I think eventually it will be a good hedge against geopolitical disruptions,” Hougan said. 
<img loading="lazy" decoding="async" class="aligncenter size-full" src="https://www.tradingview.com/x/K4i1ih0B/" width="1835" height="883"> 
<h2 id="b-what-s-next-for-bitcoin-b">What’s Next For Bitcoin?</h2> 
The <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-halving-could-catalyzed-100000-price-surge-bitwise-ceo/" target="_blank" rel="noopener nofollow">recently concluded Bitcoin halving</a> saw the rewards given to miners slashed from 6.25 BTC to 3.125 BTC. The idea and design behind each halving are pretty simple. With fewer new bitcoins entering circulation, existing bitcoins could become more valuable. In each of the three previous halvings, the price of bitcoin fluctuated in the first few months, but it ended up being much higher one year later 
For example, the price of Bitcoin lingered for at least nine months after the 2020 halving before finally going on a 458% price surge. If history were to repeat itself, a similar 450% surge would put the price of Bitcoin around $345,000 in the first quarter of 2025. 
At the time of writing, Bitcoin is trading at $64,870. Bitcoin is currently up by over 130% in the yearly timeframe leading up to the just concluded halving. A similar 130% surge in a yearly timeframe after the halving puts the price of Bitcoin around $150,000 by mid-2025. 
Interestingly, this price range sits better with Anthony Scaramucci, founder of SkyBridge Capital, <a href="https://bitcoinist.com/skybridge-chief-sees-bitcoin-soaring-to-170k/" target="_blank" rel="noopener ">who predicted</a> the BTC price would reach at least $170,000 by the end of the current market cycle. 
Featured image from Pixabay, chart from TradingView

Crypto Pundit Says Bitcoin Halving Is A ‘Buy The News’ Event

Table of Contents

Bitcoinist

Other articles published on Apr 21, 2024

Best ICO Projects Set to Dominate the Market in 2024

Grayscale Proposes 0.15% Fee For Its Bitcoin Mini Trust Fund: Details

Controversial stablecoin regulation aims to bolster U.S. Dollar dominance

Addressing Racial Bias in AI: Challenges and Solutions

Unlock the Potential for Massive Wealth with These Cryptos for Investment

Analysts Predict $100 $XRP — A Whopping 16,000% Increase; $GFOX Anticipates P2E Game Launch

Join our free newsletter for daily crypto updates!