Connect with us
Active Currencies 14033
Market Cap $2,583,070,670,930.51
Bitcoin Share 50.81%
24h Market Cap Change $1.25

Bitcoin over $100K in 18 months? Here’s why this exec thinks so…

2min Read

Bitcoin’s 2024 halving is just around the corner, which is why everyone is optimistic about BTC’s chances.

Bitcoin Pomp

Share this article

  • Upcoming Bitcoin halving is expected to trigger a supply shock, potentially driving the price towards new highs
  • Introduction of spot Bitcoin ETFs has brought new changes, with Wall Street investors entering the crypto-market

As Bitcoin (BTC) approaches its next halving event in April 2024, the cryptocurrency market is on the brink of a significant supply shock. One that could have profound implications for its value and adoption. This reduction in supply, against a backdrop of increasing demand, particularly from institutional investors, might trigger a shortage.

A supply shock wave awaits Bitcoin post-halving

In a recent interview with Fox Business Exclusive, Anthony Pompliano, founder and investor at Pomp Investments, shed some light on the inevitable “supply shock wave” that awaits Bitcoin’s future post-halving. According to the exec, this supply shock could lead to a dramatic increase in Bitcoin prices by the end of this year, following the halving. 

He also mentioned,

“We are currently at $52,000. If this continues, there is a chance that we could be near the all-time high ($69,000) when the halving occurs, and that will be an unprecedented event.”

Crossing $50K – Bitcoin ETFs driving up prices

The rationale behind this prediction lies in the fundamental supply and demand dynamics. As miners will be incentivized to sell less BTC due to increased profitability per mined Bitcoin, the reduction in net BTC supply is expected to push prices higher. 

Significantly, the approval of spot Bitcoin ETFs by the SEC has already changed the supply dynamics of Bitcoin, contributing to this bullish sentiment. There has been a rapid accumulation of Bitcoin by top ETF providers, such as BlackRock, which have reportedly bought over $4.3 billion worth of BTC in a very short period.

Additionally, Pompliano hinted at some “new types of investors” who might enter the crypto-market. On being questioned about this, he commented,

“Bitcoin is now the favorite asset of any Wall Street investor. Through Bitcoin ETFs, they can now allocate capital to one of the best-performing assets in the last 15 years.”

A $100K future? Analyst remains confident

However, while the potential for significant price increases exists, the cryptocurrency market’s maturity and increased regulatory and institutional participation might lead to a more tempered price response compared to previous halving events. This has not dampened Pompliano’s confidence in Bitcoin though. When asked how high the prices might go, Pompliano stated,

“Historically, Bitcoin’s prices have gone up by 100’s of percent. I wouldn’t be shocked if Bitcoin went over $100,000 in the next 18 months.”

Higher adoption, higher prices

2024’s BTC halving event represents a critical juncture for the cryptocurrency market. With Bitcoin ETFs dominating the market, analysts feel confident about the SEC favoring ETH and other crypto ETFs in the future. In fact, Pompliano believes that these ETFs will improve the scope of mainstream crypto-adoption.

There is a lingering hope that the cryptocurrency community will proliferate and become more mainstream, ultimately leading to price hikes.

Share

Prakriti is a Content Writer at AMBCrypto. She describes herself as a passionately creative individual, with a dash of strategic prowess. With over 3.5 years of experience in the field of content writing and marketing, she is dedicated to churning out top-notch content in domains like Crypto, Web 3.0, AI and contributing to quench the thirst for technical knowledge of her readers.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.