Wall Street Wolves Revealing Bitcoin Predictions! Crypto Currencies 2024-2025 Comments! - COINTURK NEWS
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Wall Street Wolves Revealing Bitcoin Predictions! Crypto Currencies 2024-2025 Comments!

10:15 pm (27 days ago)
September 5, 2023

Prominent figures in traditional finance have been closely interested in cryptocurrencies for a long time. This interest can be multiplied. Especially considering the ongoing ETF battles, we can say that it is waiting for the timing of important moves that will increase institutional demand. So what are the current Bitcoin (BTC) and cryptocurrency predictions of Wall Street wolves?

Bitcoin Financial Expert’s Comment

In her interview with Scott Melker, Custodia Bank CEO Caitlin Long referred to the new model introduced by the digital asset-focused investment firm Pantera Capital. Pantera’s model predicts that Bitcoin will reach $147,843 approximately 480 days after the next halving event, expected on April 16, 2024, in early August 2025.

Custodia Bank CEO says that the halving will significantly positively affect the king cryptocurrency.

“This is one of the best-planned, fundamental events in the financial industry: Bitcoin will undergo a block reward halving, so what happens next? If you truly understand the mechanics, miners are currently shutting down machines that are insanely profitable but will cease to be profitable once the halving occurs. This is not something that anyone can prepare for in advance.

Perhaps miners may have hedged against this because there is now a more advanced futures market than there was in the last halving. But I doubt it because miners went through an incredible shake-up.”

Long also points out that Bitcoin’s hash rate continues to increase, which is a deviation from past BTC market cycles. According to her, miners’ situation could lead to a bigger price explosion.

Halving and Bitcoin Price

A price that is detrimental to miners cannot be sustained for a long time. We saw this clearly in the past. Prices that fell below the miner’s cost were temporary and short-lived. This suggests that the price should increase significantly with the upcoming halving next year. With current figures, it indicates a cost of around $20,000, while next year we will see this roughly at $30,000-$40,000. Fluctuations in energy prices, increases in device costs, and the reduction of block rewards form the basis of this expectation.

The above graph tells us that it would not be surprising for the price to hover around the $20,000-$25,000 range until the halving. BTC was in this range last year in November and December. If there is a re-entry into the blue area, we may experience a dip similar to the 1st and 3rd halvings.

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