Will Bitcoin Hit $70,000 After the Halving?

04 Jul 2022 03:15
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A lot of analysis has confirmed that 2020 will be the year when the Bitcoin price rises sharply before the global economic crisis really begins. Most notably, this market-leading cryptocurrency is being highly anticipated by the halving event this May.

The market media is constantly monitoring the news of the event, and the latest data shows that the predictions are still on the right track.
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Bullish arguments thanks to Halving

The most convincing analyzes stand on the stance that the Stock-to-Flow ratio (*) will reach an extremely high level after the halving, according to PlanB:

BTC will hover around the S2F value of the $7,000 region for about 2.5 years, just like before the 2016 Halving (when BTC price was $300) and before 2012 (when BTC price was $6). I was excited to add a zero after the May halving event.
PlanB's view on Bitcoin price future

While the $70,000 prediction at the moment may sound odd, it fits perfectly with past gains (which are no less odd). In fact, Governments' wobble and confusion over a recession could make Bitcoin and other cryptocurrencies more attractive.

An article just published on primexbt states that:

Banks and financial companies are sure to get big bailouts, like what happened in 2008. However, unlike twelve years ago, the public is angry at the depreciating cash and they have the opportunity to put their assets in another fresh alternative, which has nothing to do with the traditional banking system, that is cryptocurrency!

You should also remember, Bitcoin was born out of discontent with the banking system, and the willingness of the US government to fend off incompetent and corrupt financial institutions.

See more: Kleiman asks former nChain CEO to go to court in Craig Wright case

Real-world adoption will cause Bitcoin to grow exponentially

Admittedly, the market's performance is very stable despite many fluctuations. Of particular note is that Blockchain technology is gradually being applied key by a wide range of industrial applications. In addition, people are gradually realizing the cost savings problem of transferring huge amounts of money that is clearly different.

It is these real-world use cases that will play a major role in driving Bitcoin value. In other words, central bank-issued fiat money must now compete with a new asset class that offers many clear advantages. When placed in this context, predicting a much higher Bitcoin price is very realistic.

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