Bitcoin, the trailblazing cryptocurrency, has once again etched its name in the annals of financial history. On June 10, 2024, it secured its second-highest weekly close, leaving investors and enthusiasts buzzing with excitement.
The Numbers
- Closing Price: Bitcoin concluded the week at an impressive $69,640.
- Recent Peak: Just a few days earlier, on June 7, Bitcoin soared to a peak of $71,949, marking its highest price since May 21.
A Dynamic Market
Bitcoin’s journey has been nothing short of remarkable. Over the past 15 years, it has defied projections, estimates, and expectations. From mere pennies per digital coin to over $50,000 by 2021, Bitcoin has captivated the world. Now, with its price hovering around $70,000 in June 2024, the coveted six-figure milestone is within sight.
The Halving Effect
To predict Bitcoin’s trajectory, we must delve into the halving phenomenon. Approximately every four years, Bitcoin undergoes a programmed event known as the halving. This event slashes the reward for mining new blocks by half, shaping Bitcoin’s robust monetary policy. Historically, halvings have contributed to Bitcoin’s scarcity and subsequent price appreciation.
In April 2024, Bitcoin experienced its fourth halving, reducing its inflation rate to a mere 0.85%. Previous halvings have seen Bitcoin’s price surge by an average of 125% in the same year. If we extrapolate from the beginning-of-year price of $44,000, a 125% increase would place Bitcoin at $99,000.
The X-Factor: Spot Bitcoin ETFs
But there’s more. Enter the new variable: Spot Bitcoin ETFs. Unlike previous cycles, this time, these ETFs could be the catalyst propelling Bitcoin past the $100,000 mark. Retail investors have driven Bitcoin’s rise historically, but now institutional players are joining the game.
2024 is shaping up to be the year when Bitcoin scales the six-figure summit. With its current price near $70,500, investors eye a 40% gain. Buckle up, crypto enthusiasts—the ride to the moon continues
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