In a recent post on X (formerly Twitter), Jesse Myers, co-founder of Bitcoin investment firm Onramp, stated that Bitcoin (BTC) will only reach six figures after its 2024 block subsidy halving. Myers argued that the market would only “price in” the impact of the halving after it has occurred.
Myers criticized the Efficient Market Hypothesis (EMF), which suggests that markets always reflect the true state of a given asset. He claimed that the EMF is “wrong,” and instead, the market will gradually adjust to the changed reality over the 12-18 months following the halving event.
Many analysts and investors have made predictions about BTC’s price in the lead-up to the halving. Some believe that a breakout is imminent, with October being a popular deadline for the return of the Bitcoin bull market. Price predictions of $100,000 or more are not uncommon.
Robert Kiyosaki, the author of the popular book “Rich Dad Poor Dad,” recently reiterated his prediction of six-figure Bitcoin. However, historical analysis suggests that BTC’s price gains tend to occur after the halving rather than before it. Stockmoney Lizards, a trading team, revealed that after the past three halvings, it took a maximum of 240 days for BTC/USD to reach a new all-time high.
Despite varying predictions, Myers believes that it is all very predictable, and a new all-time high will occur shortly after the halving in 2024. He emphasizes that this will mark the beginning of an accumulation phase.
It is important to note that this article does not provide investment advice or recommendations. Investing in cryptocurrencies involves risk, and readers should conduct their own research before making any decisions.
Overall, Myers’ belief that BTC will only reach six figures after the 2024 halving provides a contrasting perspective to the predictions of an imminent price breakout. The market’s response to the halving event remains uncertain, but historical analysis suggests that significant price gains could occur in the months following the event.