Opinion: Bitcoin halving could push Bitcoin price to $240,000

Author: Kevin Helms, Bitcoin.com; Compiler: Deng Tong, Golden Finance

• Scott Melker, also known as the "Wolf of the Streets," explains why the upcoming Bitcoin halving could push the cryptocurrency's price to $240,000. He pointed out that during the last halving cycle, the price of Bitcoin rose from a high of $20,000 to a high of $69,000, highlighting an appreciation of 250.86%. He said that if a similar trend emerges, "we expect Bitcoin prices to be around $240,000."

Scott Melk on Bitcoin Prices Outlook

Scott Melker, also known as the "Wolf of the Streets," gave a preview of what is expected to be a new economy in a Wall Street Journal article published earlier this week. The Bitcoin halving event in April 2024 provides insights. He also explained why the incident could push Bitcoin prices to $240,000. Melker is a well-known trader, investor, author and host of the "Wolves of All Streets" podcast. In 2020, he won the Binance North America Influencer of the Year Award.

Melker detailed: “When the number of mined blocks reaches 840,000 in April 2024, Bitcoin will be halved, and the reward per block will be reduced from 6.25 Bitcoins. to 3.125." "This essentially means that the supply of newly issued coins is cut in half. It becomes twice as difficult for miners to make money mining Bitcoin."

The Wolf Of All Streets noted, During the last halving cycle, “it rose 250.86% from a high of $20,000 to a high of $69,000,” adding:

If we Taking the next 250% into the next cycle from the high of $69,000 (Bitcoin’s all-time high price), we think the price of Bitcoin is around $240,000.

“I know it seems a bit exaggerated to talk about Bitcoin $170,000 or $220,000, or even $1 million one day. But this cycle has worked in the past until I saw it in Before the future is no longer valid, I bet we will see Bitcoin over $200,000," Melk said.

Many investors are optimistic that the halving will boost the price of Bitcoin. Skybridge Capital founder Anthony Scaramucci expects the halving to push BTC prices to $170,000. He said: “If the price of Bitcoin at the halving is $45,000 (the current approximate level), it will reach $170,000 by mid-to-late 2025.”Standard Chartered Bank It was predicted earlier this month that Bitcoin could hit $200,000 next year. Meanwhile,Venture capitalist Tim Draper has recently increased his predictions for BTC, predicting that the price of Bitcoin will reach $250,000 this year. The billionaire also envisions a time when people no longer need dollars.