Bitcoin halving causes price predictions: USD 100,000 within reach?

Bitcoin halving causes price predictions: USD 100,000 within reach?

Bitcoin has already seen significant gains this year, with two significant events standing out: the approval of Bitcoin spot ETFs in January and the Bitcoin halving in April. Halving saw the reward for Bitcoin miners halved, resulting in a reduction to 3,125 BTC per new block. These events have further fueled interest in the cryptocurrency.

The Bitcoin price staged a strong rally that initially pushed it above $45,000 and reached a new record high of over $73,000 in March. Even though the price has fallen somewhat since then and is currently around $63,150, some experts remain optimistic. Before the halving, predictions of $100,000 or more were discussed due to the demand for Bitcoin spot ETFs.

Peter Schiff, a well-known Bitcoin critic, expressed doubts about such optimistic forecasts. He noted that stocks of Bitcoin-related companies were in a bear market, even though Bitcoin ETFs were reportedly pushing prices above $100,000. However, crypto advocates criticize Schiff for not providing any time frames for the stocks mentioned. In fact, some of these companies have posted significant gains this year.

While Coinbase, MicroStrategy and Galaxy Digital have made gains since the beginning of the year, certain Bitcoin miners recorded negative performance. Marathon Digital, Bitfarms and HIVE Digital Technologies lost significant value this year. It remains to be seen how Bitcoin will develop after the halving and whether it can achieve its price targets. The crypto community is watching eagerly to see whether the rally will continue.