Scott Melker, also known as the Wolf Of All Streets, has shared his insights on the upcoming Bitcoin halving and its potential impact on the cryptocurrency’s price. In an article published by The Street, Melker explained why he believes the halving could send the price of Bitcoin soaring to $240,000.
The Bitcoin halving is scheduled to take place in April 2024, when the number of mined blocks reaches 840,000. At that point, the reward per block will be reduced from 6.25 to 3.125 bitcoin, effectively cutting the new supply in half. According to Melker, this makes it more challenging for miners to make money from mining Bitcoin.
To support his prediction, Melker pointed to the previous halving cycle, during which Bitcoin’s price surged from its $20,000 high to a high of $69,000. This represented an appreciation of 250.86%. If a similar trend occurs in the next cycle, he believes Bitcoin could reach a staggering $240,000.
While some may view this prediction as hyperbolic, Melker emphasized that the cycle has proven to be successful in the past. He stated that until there is evidence of it not working in the future, he remains confident in the possibility of Bitcoin surpassing $200,000.
Melker is not alone in his optimism. Other well-known figures in the cryptocurrency world have also expressed bullish sentiments regarding the halving. Anthony Scaramucci, the founder of Skybridge Capital, expects Bitcoin to reach $170,000 by mid- to late-2025. Standard Chartered predicted a price target of $200,000 for next year, and venture capitalist Tim Draper believes Bitcoin could reach $250,000 by the end of this year.
As investors eagerly anticipate the halving, these predictions provide hope for further price appreciation. However, it is essential to remember that the cryptocurrency market is highly volatile and subject to various factors that can influence prices.
In conclusion, Scott Melker, the Wolf Of All Streets, has joined the chorus of voices predicting a significant surge in Bitcoin’s price following the upcoming halving event. With a track record of successful cycles and the potential for a reduced supply, Bitcoin could potentially reach $240,000. As always, investors should exercise caution and understand the inherent risks associated with investing in cryptocurrencies.
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