✍️ 10 October, 2022 – 17:41 👤 Editor: Jakub Motyka
- According to the CEO of a famous investment firm, Bitcoin will reach USD 100,000 after the halving.
- The next Bitcoin halving will occur in in 2024.
- How will this affect the price of Bitcoin and the general cryptocurrency market?
According to the forecasts of Mark W. Yusko, CEO of the Morgan Creek investment firm, Bitcoin (BTC) will reach $100,000 after the 2024 Halving. This is not the first time he has made such a prediction. In December 2019 he said that Bitcoin would reach $100,000 in 2021, and $500,000 in 10 years. Last year he assured that by 2025 it would be in the range of 250,000.
These types of predictions about the performance of Bitcoin and the general cryptocurrency market are quite common within the industry. But for the most part, it does not usually take into account different sociopolitical factors that intervene in market volatility. A clear example is the current downward trend, a product of economic uncertainty and the geopolitical landscape. However, sometimes a new approach is needed to see the opportunities.
What Are Morgan Creek’s Projections For Bitcoin?
In a recent event, Yusko gave his opinion on the future price of BTC. He pointed out that the current price of Bitcoin is well below its real value, which should be around $30,000. From this point, the downtrend could be coming to an end, but the next bullrun could take until after the 2024 halving.
About the above, Yukso said that “If we look at the last two cycles, we have the same number of days in that cycle where spring began and winter ended. Spring could last for months. We don’t have to have an immediate bull market.”
Let us remember that Bitcoin’s first halving occurred in 2012, but it was not until the following year that bitcoin managed to rebound to $1,100. Similarly, the third Halving of 2020 was the prelude to the rise to $70,000 during 2021. Under this perspective, it is natural to think that there will not be a new Bullrun until after 2024. However, this does not mean that BTC has to continue falling.
What Is The Bitcoin Halving And How Does It Affect The Price Of Bitcoin?
The Halving is an event that occurs every 4 years in the Bitcoin network, in which the reward obtained by miners is halved. In this way, the issuance of new BTC and its supply in the market is reduced. In theory, as supply decreases and demand remains, inevitably the price will have to increase. That is why many analysts take this event as one of the most important for Bitcoin and the cryptocurrency market.
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