Bitcoin: ‘Last 4 times’ suggest BTC’s price might hike 300% because…
Will 2024 continue to be a lucky year for Bitcoin, ahead of the halving?
- Bitcoin has achieved its highest weekly, monthly, and quarterly close.
- The upcoming halving is anticipated to reduce daily supply from 900 to 450.
2024 has been a phenomenal year for Bitcoin [BTC], from the introduction of ETFs to the upcoming halving.
In a recent conversation on CNBC’s “Squawk Box,” Anthony Pompliano, investor and host of “Pomp Podcast,” highlighted the king coin’s role in the financial landscape.
He noted,
“We just hit a really important milestone before the halving. We just had the highest weekly monthly and quarterly close for Bitcoin.”
This highlighted Bitcoin’s price volatility, which always attracts a wave of speculators seeking to capitalize on market momentum.
Bitcoin and its various viewpoints
Shedding light on Bitcoin’s complex nature and its buying potential, Pompliano noted that the true impact of this milestone will only become evident in hindsight.
He elaborated,
“I think for some people it is a risk on asset and for other people, it is a hedge against inflation or a store value.”
With worries about currency devaluation and increasing inflation, many see Bitcoin as a protection against losing wealth.
This idea became popular after influential investors and hedge fund managers praised BTC as “digital gold,” a way to guard against the decline of traditional currencies.
Drawing parallels to the historical pattern of Bitcoin’s price movement, Pompliano added,
“The last four times that that’s happened Bitcoin has appreciated at least 300% through the rest of the bull market.”
This underscored the unprecedented nature of the milestone before the halving, hinting at potential bullish implications.
The upcoming Bitcoin halving
As the Bitcoin halving approaches, Pompliano noted that the daily supply of the king coin will be cut from 900 to 450, signaling a significant shift in the cryptocurrency’s supply dynamics.
With the anticipation of heightened demand following ETF approvals and a halved daily supply of Bitcoin, the future looks promising.
