Bitcoin broke the $71.000 level, rising more than 3% in the past few hours.
As the next Bitcoin halving draws closer, the price of the cryptocurrency has exceeded all expectations. Recently, Bitcoin approached its all-time highs, trading above $71.000 per unit, after a rise of almost 3% in the last few hours.
Analysts, who had expected Bitcoin to break its November 2021 all-time high price after the halving, are now considering the possibility of the cryptocurrency trading above $100.000 with the arrival of this historic event.
This was pointed out by the crypto analysis account @GreeksLive on X, indicating that the current recovery in the bitcoin price It was surprising that the cryptocurrency could reach a value of $100.000 with the new halving.
The halving is a crucial event for the Bitcoin protocol, which directly impacts the rate of issuance of the cryptocurrency and, therefore, the amount of bitcoins that are put into circulation on the market.
Approximately every 4 years, the halving reduces the block reward received by the network's miners by half, so it is a historical event which promotes deflation of Bitcoin in the market and could significantly influence its future price.
Anthony Scaramucci: Bitcoin price will hit $170.000 in this cycle
Skybridge Capital founder Anthony Scaramucci predicts that the price of Bitcoin could reach $1000,000. $170.000 per unit in the current bull cycle, driven by the arrival of the network's fourth halving and by growing institutional demand.
In an interview with CNBC, Scaramucci discussed the impact that the slowdown in Bitcoin's issuance rate will have on the cryptocurrency's price, as well as institutional and widespread adoption in the market, where it has been legitimized as a genuine investment asset.
In addition to the above, Scaramucci highlighted Bitcoin's ability to hedge against inflation, highlighting this as a fundamental element that will boost its growth and adoption and, therefore, its appreciation.
In a separate interview with the same outlet, Cathie Wood, CEO of Ark Investments, echoed Scaramucci's view on Bitcoin. Wood noted that in addition to the impact of the approval of spot ETFs in the United States, the global macroeconomic situation is driving the adoption and use of Bitcoin, which is presented as “an insurance policy against dishonest regimes or simply against horrible fiscal and monetary policies.” According to Wood, Bitcoin has no counterparty risk, which makes the cryptocurrency an efficient hedge against the loss of purchasing power and wealth.
10 days to the halving the Bitcoin
The price of Bitcoin began to appreciate this week, lacking only 10 days for the arrival of the fourth halving to the blockchain network.
Source: CoinMarketCap
As reported by this outlet, the halving will take place at block #840.000, which will be mined on or around April 20. With the arrival of this event, the block reward for network miners will be reduced from 6,25 BTC to 3,125 BTC per block. This leaves the daily Bitcoin emission at around 450 new bitcoins a day.
Continue reading: How much Bitcoin is left to be mined on the network?
