Crypto analyst predicts next Bitcoin halving will trigger a BTC price pump
With Bitcoin (BTC) still struggling below the key psychological level of $20,000 without showing much movement in any direction, cryptocurrency analysts are trying to gauge the moves in the near future.
One of the events that can significantly “pump” the price of Bitcoin upwards is the flagship digital asset’s halving event, which will take place in 2024, according to a well-known pseudonymous crypto trading expert Plan B so on 24 October.
Halving spells pump
In his post, the analyst noted that “the next Bitcoin halving is coming and IMO will (again) pump BTC,” and laid out his chart analysis of the decentralized finance (DeFi) asset’s past price movements and future predictions.
Advocated by Plan B, the chart follows a stock-to-flow (S2F) live model, which uses scarcity to quantify Bitcoin’s value and speculate on possible future price. The chart has been widely cited following Bitcoin’s third halving event in May 2020.
It is worth noting that Plan Bhis analysis echoes that of crypto trader and analyst Josh Rager, who also expects a significant rebound for Bitcoin after the halving in 2024, saying “the real party won’t start until 2024,” as Finbold reported.
Notably, the most recent Bitcoin halving took place on May 11, 2020, when the previous price for each block created was halved to 6.25 BTC. During the fourth halving event, which is expected to take place in May 2024, this allocation will be further halved to 3.125 BTC per block.
Last month, rumors of an accelerated BTC halving plan sent Bitcoin to the top of the crypto trending list, ahead of other popular currencies at the time, including Ethereum (ETH), Shiba Inu (SHIB), and PancakeSwap (CAKE).
Bitcoin price analysis
As it stands, Bitcoin is currently trading at $19,301, down 0.03% on the day and 1.54% for the week, but up 1.12% over the previous 30 days, according to CoinMarketCap data.
Since the turn of the year when it was around $46,310, the BTC price has fallen by 58.32%, but if the analysts are right, the negative trend could reverse in 2024.
Meanwhile, another crypto trader, known on Twitter as Livercoinhas noted that the maiden cryptocurrency has officially exceeded 40 days of trading in the same areaand bet it will stick around $19,000 this week.
Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.
