The post Analyst Backs Bitcoin to $100k Ahead of 2024 Halving, Could Bitcoin Minetrix Also Explode? appeared first on Coinpedia Fintech News
The crypto market is heating up in anticipation of Bitcoin’s (BTC) next halving event in April.
Two well-known analysts have suggested that Bitcoin’s price could rise to the coveted $100,000 level ahead of the halving, sparking enormous buzz within the retail trader community.
However, while most of the focus is on Bitcoin, up-and-coming altcoins like Bitcoin Minetrix (BTCMTX) are also being touted as having colossal upside potential this year.
Analysts Made Bold $100k Bitcoin Price Predictions
Prominent crypto analyst Adam Back recently made a bold forecast on X (formerly Twitter), arguing historical data shows Bitcoin typically sees significant price appreciation leading up to a halving event.
Specifically, he noted that from October 2021 to November 2021, Bitcoin rose from $47,000 to $69,000 in just 41 days.
Based on this pattern, he believes Bitcoin could reach $100,000 before its next halving event, which is just over 60 days away.
Another respected analyst, Ki Young Ju of CryptoQuant, also sees potential for Bitcoin to hit $100,000 due to inflows from the new spot ETFs launched in January.
He estimates these ETFs could boost Bitcoin’s realized market cap by $76 billion to $114 billion this year, pushing the coin’s price as high as $112,000 in a bullish scenario.
In a follow-up tweet, Ki noted that even without any further ETF hype, Bitcoin’s price will still likely rise to between $52,000 and $59,000.
While these predictions are entirely hypothetical, both Adam Back and Ki Young Ju make compelling cases for why BTC could finally reach the major milestone of $100,000 before the 2024 halving.
What is the Bitcoin Halving & Why Does It Matter?
For those unfamiliar, the Bitcoin halving refers to a programmed reduction in the mining rewards per block.
Historically, this event has happened every four years, cutting the block rewards in half – hence the name “halving.”
With fewer BTCs entering circulation but demand from investors still growing, market forces suggest that the coin’s price should rise.
Previous halvings in 2012 and 2016 preceded massive bull runs, and investors believe this year’s halving will trigger a similar effect.
Investors will often accumulate Bitcoin before the halving event, anticipating the coin’s value will increase.
This usually becomes a self-fulfilling prophecy, as speculation and buying pressure come to define the market’s reaction rather than just supply and demand.
Early-Stage Bitcoin Minetrix Offers Cloud Mining Exposure Before Next Bull Run
With Bitcoin’s next halving just months away, speculation is heating up around which altcoins could also benefit from a crypto bull cycle.
One possibility is the new Bitcoin Minetrix project and its native BTCMTX token.
Bitcoin Minetrix aims to make cloud mining more accessible through a novel Stake-to-Mine model, allowing holders to earn mining credits by staking BTCMTX.
These credits are redeemed for actual cloud mining hash power to earn BTC rewards.
By removing the barriers and risks of conventional cloud mining, Bitcoin Minetrix provides an easy avenue for regular crypto investors to get exposure to mining returns.
Moreover, with the project still in its presale stage, Bitcoin Minetrix offers an opportunity to get in early before BTCMTX’s value potentially increases.
If Bitcoin does break out to $100,000 this year, as Adam Back and Ki Young Ju predicted, increased interest could also benefit mining-focused cryptos like Bitcoin Minetrix.
Additionally, given that the crypto mining market itself is expected to grow rapidly in the next few years, Bitcoin Minetrix is well-positioned to capture value.
Several popular YouTubers have endorsed Bitcoin Minetrix due to its potential, including Austin Hilton, who has over 245,000 subscribers.
While still an early-stage venture, Bitcoin Minetrix’s novel approach could make it one to watch as the next halving draws nearer.
Interested investors can buy BTCMTX tokens through the ongoing presale phase for $0.0134.