Bitcoin May Exceed $100K Post-2024 Halving, Predicts Pomp Investments
Bitcoin could rise above $100,000 USD in the next 18 months
Due to the upcoming Bitcoin halving event in 2024, the cryptocurrency industry is optimistic about BTC’s chances. Anthony Pompliano, founder and investor at Pomp Investments, suggests an inevitable “supply shockwave” expected for Bitcoin’s future after the halving in a recent interview with Fox Business Exclusive.
Bitcoin’s halving could trigger a supply shock
Pompliano explains that this supply shock could lead to a dramatic increase in Bitcoin prices by the end of this year, after the halving. “We are currently at $52,000 USD. If this continues, there is a chance we could be near the all-time high ($69,000 USD) when the halving occurs, and that would be an unprecedented event.”
Bitcoin ETFs drive prices above $50,000 USD
The rationale for this prediction lies in the basic supply and demand dynamics. As miners will sell less BTC due to increased profitability per mined Bitcoin, the reduction in net BTC supply is expected to drive prices up. In particular, the SEC’s approval of Spot Bitcoin ETFs has already altered Bitcoin’s supply dynamics and contributed to this bullish sentiment.
A future price of $100,000 USD? Analyst remains confident
Although the potential for significant price increases exists, the maturity of the cryptocurrency market and increased regulatory and institutional involvement could lead to a more moderate price reaction compared to previous halving events. However, this has not dampened Pompliano’s confidence in Bitcoin. When asked how high prices could rise, Pompliano stated, “Historically, Bitcoin prices have risen by hundreds of percent. I wouldn’t be shocked if Bitcoin were to rise above $100,000 USD in the next 18 months.”
Higher Adoption, Higher Prices
The BTC halving event in 2024 represents a critical turning point for the cryptocurrency market. With Bitcoin ETFs dominating the market, analysts are confident that the SEC will also favor ETH and other crypto ETFs in the future. In fact, Pompliano believes these ETFs will enhance the scope of mainstream crypto adoption. There is ongoing hope that the cryptocurrency community will expand and become more mainstream, ultimately leading to price increases.
