With Bitcoin (BTC) still struggling below the key $20,000 psychological level without showing much movement in any direction, cryptocurrency analysts are trying to gauge its movements for the near future.
One of the events that could significantly ‘pump’ the price of Bitcoin upward is the flagship digital asset’s halving event, that is set to take place in 2024, as renowned pseudonymous crypto trading expert PlanB said on October 24.
Halving spells pump
In his post, the analyst noted that “the next Bitcoin halving is coming, and IMO it will (again) pump BTC,” and posted the chart analysis of the decentralized finance (DeFi) asset’s previous price movements and future predictions.
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Advocated by PlanB, the chart follows a stock-to-flow (S2F) live model, which uses scarcity to quantify Bitcoin’s value and speculate on its possible future price. The chart has been widely cited after Bitcoin’s third halving event in May 2020.
It is worth noting that PlanB’s analysis echoes the one by crypto trader and analyst Josh Rager, who also expects a significant rally for Bitcoin after the 2024 halving, saying that “the real party won’t start until 2024,” as Finbold reported.
Notably, the last Bitcoin halving took place on May 11, 2020, when the previous award for every block created was halved to 6.25 BTC. During the fourth halving event, which is expected to occur in May, 2024, this award will be further halved to 3.125 BTC per block.
Last month, the rumors of a hastened BTC halving schedule have sent Bitcoin to 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 things stand, Bitcoin is currently trading at $19,301, down 0.03% on the day and 1.54% across the week, but up 1.12% over the previous 30 days, as per CoinMarketCap data.
Since the year’s turn when it stood at around $46,310, the BTC price has decreased by 58.32%, but if the analysts are proven right, the negative trend could reverse in 2024.
Meanwhile, another crypto trader, known on Twitter as Livercoin, has noted that the maiden cryptocurrency has officially surpassed 40 days of trading in the same range, and is betting it would stay at around $19,000 this week.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
