The halving of Bitcoin which takes place after every 210,000 blocks have been mined, representing 4 years interval, has been addressed as a catalyst initiating higher prices for Bitcoin in the market due to what has been obtained in the past, and the scarcity it creates by reducing miners’ reward by 50%.
However, analysts and observes are only measuring the impact of the next halving on Bitcoin’s price as the crypto asset rises towards the ceiling, while disregarding the upper one which will take place 4 years after the May 27th 2020.
Before or after the 2020 halving, Bitcoin is sure of seeing another new all-time high, and if it bottoms afterwards, it will likely not reach the last bottom value.
Therefore, along with the way history has been playing, a new gigantic high would be seen before or after the 2024 halving.
According to a research made by a renowned financial qualitative analyst, Bitcoin, based on its present market trend, will have a total market cap of $30 trillion Dollars after the 2024 halving.
“Both Bitcoin S2F growth path (95% R2) and Commodity Stock-to-Flow Line (99.5% R2) point to Bitcoin with S2F100+ and $30trn total market value, after 2024 halving”, the quantitative trader reveals.
— Plan₿ (@100trillionUSD) June 15, 2019
Crypto Kea, a passionate crypto investors who claims to be an erstwhile finance professional, commented on the data plotted by PlanB, proclaiming that there would be about 19.7 million Bitcoin in circulation after the 2024 halving.
The halving will definitely cut Bitcoin’s supply in the market creating more BTC scarcity. By 2024, Bitcoin’s adoption would have spiked, and it would have been close or reached mainstream adoption, hence creating more demand for Bitcoin around the world.
The ex- finance professional, while leveraging the laws of supply and demand, added that if Bitcoin has a market cap of $30 trillion and 19.7 million circulating supply by then, a BTC would be worth $1.5 million.
After next halvening in 2024, 19.7 mil #Bitcoin will be in circulation. IF Bitcoin will be at a $30trn market cap, one #BTC would be worth 1,500,000 USD. Think long-term. #investing #crypto #blockchaintechnology #adoption https://t.co/czBSJ4WSQd
— CryptoKea (@CryptoKea) June 16, 2019
Although the combined effect of Bitcoin halving and mainstream adoption on the demand and supply will likely make BTC price go ballistic, but one cannot ascertain the exact price it will attain due to the volatility of the digital asset.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.