After a major drop, Bitcoin [BTC] is back on track, with the king coin trading at $70,347, at press time, following a 4.53% hike over the week. Execs think it could go even higher, with the Bitcoin halving event coming up in April.
William Quigley, a venture capitalist and Co-founder of Tether and WAX.io, echoes similar sentiments. Speaking for ‘Squawk on the Street,’ the exec claimed,
“There’s a lot of positive forces that are pushing Bitcoin up right now, and this is before the halving which is usually after that fact, when Bitcoin really skyrockets.”
This observation also sheds light on the historical pattern of Bitcoin’s halving and its impact on the coin’s price trajectory. Traditionally, the halving has been succeeded by a bull market.
Factors influencing Bitcoin’s price
Additionally, Quigley suggested that Bitcoin’s price could potentially increase by three or four times its current value, reaching over $300,000 if it regains the $70,000-level by 20 April.
According to the exec, Bitcoin’s upcoming halving event will impact miners and investors differently. While miners may face challenges amid increased competition, investors should adopt a long-term perspective due to Bitcoin’s unique valuation driven by sentiment rather than traditional metrics.
Contrary to his viewpoint, however, Lyn Alden, an investment researcher in conversation, noted,
“So I think the halving is important, but it’s only one factor out of many that determines the occurrence and timing of a bull market. Various measures of global liquidity, HODL waves, and other catalysts combine to serve a larger role.”
Popular analyst Michael van de Poppe shared a similar view, with Poppe predicting a potential surge to $80,000, before the halving in April.
“I think that we’re close to the peak of this run, but I think we’ll have another ATH test, perhaps even $75-80K pre-halving and then we’re correcting.”
What lies ahead?
Despite the contrary predictions, what is clear across the board is that people will continue to accumulate Bitcoin. And as they do, Bitcoin’s demand side will become stronger.
This sets the stage for a potential supply shortage once the halving takes place. Simply put, Bitcoin is expected to enter a highly optimistic phase, one that might drive its price to new heights.