With just one month remaining until the Bitcoin halving, the price of BTC has experienced a retracement, despite recent capital inflows that led to a new all-time high earlier this month. However, industry experts remain bullish and do not view the retracement as a cause for concern.
Bitcoin has seen significant price growth in 2024. On January 1st, the price of Bitcoin was $42,208. On March 14th, Bitcoin reached a new all-time high of $73,737. However, the price has not been able to sustain this high during the 30-day countdown to the halving.
Samson Mow, CEO of Jan3, a technology company focused on expanding Bitcoin access worldwide, has been predicting upward price momentum and is confident that Bitcoin will surpass its all-time high. Mow predicts that the price will soar to $100,000 before the halving, citing the voracious demand from exchange-traded funds (ETFs) as a driving factor.
While Mow predicts a significant price rise, others believe that the dip may go deeper. Ran Neuner suggests that a 20-30% dip would be normal and healthy during a bull market. Danny Chong, co-founder of decentralized asset tracker Tranchess, also suggests that there may be a temporary downturn after the halving, but overall market sentiment is expected to remain bullish due to the growth in ETFs.
Danny Lim, core contributor at decentralized exchange MarginX, believes that institutional investors will provide strong support for Bitcoin’s price during potential retracements. Zac Cheah, co-founder and CEO of Pundi X, also believes that this halving is unique due to the involvement of institutional investors and the positive market conditions.
With the United States Federal Reserve considering interest rate cuts, the positive case for Bitcoin is strengthened. Cheah predicts a potential surge to as high as $100,000 during the upcoming halving cycle.
While Bitcoin has a significant impact on the rest of the crypto market, Mow believes that Bitcoin will eventually decouple from other cryptocurrencies due to the massive inflows from ETFs. He suggests that while other cryptocurrencies may track Bitcoin for a time, they will eventually lose steam and be left behind.
It’s important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any investment decisions.