BitQuant Predicts a New Record
Bitcoin (BTC) is expected to reach a price target of $250,000 after its next block subsidy halving, according to BitQuant, a popular social media commentator. However, BitQuant also believes that new all-time highs will come sooner than expected.
Pre-Halving Target Set Above $69,000
BitQuant, known as a pseudonymous "central banker and Bitcoiner," revealed in a recent post that he expects Bitcoin to reach a new all-time high before the halving in 2024. The pre-halving target price is projected to be above $69,000.
Halving Event as a Catalyst for BTC Price Performance
Bitcoin has just over six months before the halving, which occurs every four years and cuts miner rewards earned per block by 50%. Analysts argue that this event has a positive impact on BTC price performance, acting as a springboard towards new all-time highs.
BitQuant, however, believes that this alone is not enough. He predicts that Bitcoin will not only beat its current record set in 2021 before April but also go on to reach $250,000 per coin after the next halving cycle begins in 2024.
Divergent Views Among Bitcoin Traders
Market participants have different opinions on how BTC price action will unfold leading up to the halving. Some see the potential for higher levels by April, while others hold a more conservative outlook.
Jesse Myers, a Bitcoin investor and author, dismissed the idea of BTC/USD trading at six figures in the near future. Meanwhile, Filbfilb, co-founder of trading suite DecenTrader, gave a pre-halving BTC price ceiling of $46,000.
Bitcoin's Current Performance
As of September 15, Bitcoin was trading around $26,400, showing a 1.3% increase for the month. However, it's important to note that every investment and trading move carries a risk, so readers should do their own research before making any decisions.
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