Bitcoin (BTC) is predicted to reach a target price of $250,000 after its next block subsidy halving, according to BitQuant, a popular social media commentator. BitQuant, who is known as a “central banker and Bitcoiner,” stated in a recent post on X (formerly Twitter) on September 15 that Bitcoin will achieve a new all-time high before the halving and set a pre-halving target above $69,000. Contrary to some analysts’ beliefs that Bitcoin will reach its peak before the halving, BitQuant is confident that it will continue to rise after the halving event in 2024.
The halving, which occurs approximately every four years, reduces the miner rewards earned per block by 50%. Experts argue that this event has a positive impact on Bitcoin’s price performance, often acting as a catalyst for the cryptocurrency to achieve new all-time highs. BitQuant believes that the emission restrictions resulting from the halving cycle will contribute to Bitcoin’s bullish trajectory. However, he emphasizes that Bitcoin will not stop at its current record set in 2021 and will eventually reach $250,000 per coin.
BitQuant dismisses the idea that Bitcoin will peak at $160,000, stating that the magnitude of every pullback in its price is large. Instead, he predicts that the peak price of $250,000 will be reached after the halving in 2024. To support his prediction, BitQuant shared an annotated BTC/USD chart, indicating the potential growth of Bitcoin’s price.
Nevertheless, opinions among Bitcoin traders remain divided regarding the price action leading up to and following the halving. While some agree that Bitcoin could reach higher levels by April, conservative voices still exist. Jesse Myers, a Bitcoin investor and author, does not believe that BTC/USD will trade at six figures before the halving. In a separate interview, Filbfilb, co-founder of trading suite DecenTrader, suggests a pre-halving price ceiling of $46,000.
As of September 15, Bitcoin is trading at around $26,400, showing a 1.3% increase in September so far. However, it is important to note that this article does not provide investment advice, and readers should conduct their own research before making any decisions.
Overall, BitQuant’s bullish prediction for Bitcoin’s future, with a target price of $250,000 after the next halving cycle, suggests that the cryptocurrency is likely to achieve new all-time highs before and after the halving event. Despite differing opinions among traders, the general sentiment towards Bitcoin’s price trajectory remains positive.