The post Trader Thinks Bitcoin Price Could Hit $100K Following This Month’s Halving Event appeared first on Coinpedia Fintech News
With the Bitcoin halving one week away, traders are rushing to provide predictions on what it could mean for its price.
One prominent analyst believes the halving could lay the way for Bitcoin’s next leg up in price discovery.
Prominent Analyst Believes Halving Will Push Bitcoin to $100K
Trader and Founder of Bitgrow Lab Vivek Sen cites the Bitcoin halving alongside other important events as a reason why BTC is headed to $100K.
The analyst published a tweet on Wednesday highlighting the cumulative effect of Bitcoin’s halving and the spot ETF approvals in Hong Kong could see its price explode.
The Bitcoin halving is an event hard-wired into the cryptocurrency’s code, which cuts the amount of Bitcoin rewarded to miners in half every four years. In other words, it halves the amount of new Bitcoin entering the market, forging a discrepancy between supply and demand.
The analyst referenced Bitcoin’s meteoric rise from $45K to $70K on the back of its United States spot ETF launches and anticipates a similar deriving from the halving and Hong Kong ETF launches.
Vivek wrote, “US Bitcoin ETFs took the price from $45K to $70K. That’s an 80% increase within just three months.”
He continued, “Expect a similar outcome from Asia approving Bitcoin ETFs next week, along with the halving.”
The trader attached a price chart illustrating the profound impact of the Bitcoin halving on its price, with each halving triggering a parabolic upswing to new all-time highs.
Other prominent analysts are also bullish on Bitcoin’s near-to-mid-term trajectory, with Ali_Charts recently predicting it could surge to $85K in the coming weeks.
Ali highlighted a symmetrical triangle chart pattern formation and said, “Bitcoin appears to be breaking out! If it can hold above $70.8K, the next target becomes $85K!”
Well-known commentator Jelle shares a similar position to Ali_Charts, speculating a move toward $82K in the coming weeks as BTC looks to break out of an ascending triangle chart pattern.
“This ascending triangle has a target of $82K. I doubt bears can defend $71,500 for much longer,” he wrote.
Indeed, the Bitcoin halving sets a bullish precedent for the market leader, but other related cryptos also stand to benefit. One is the newly launched 99Bitcoins token, which is currently undergoing a presale and raised $170K in its first day.
Can the Newly Launched $99BTC Be Next to Explode After Raising $170K?
While the 99Bitcoins presale’s early success is impressive, the project boasts other accolades that overshadow this feat, making it one of the most promising new cryptocurrencies.
99Bitcoins is a leading crypto media outlet that was launched in 2013, the same year as CoinDesk.
The heavyweight publisher also boasts an extended community of 700K YouTube and 2.8 million email subscribers.
However, the outlet recently changed ownership, and the new leaders are looking to disrupt the industry through an interactive learning system powered by the decentralized and user-owned $99BTC token.
This new crypto will offer a slew of benefits, including access to the learning platform, token rewards, BRC20 education tools, crypto trading signals, and a VIP community channel.
The project also claims the halving will profoundly affect the token price, stating that the rise in Bitcoin’s price will attract new investors, leading to added demand for the $99BTC token.
Meanwhile, the token will be in short supply, potentially leading to a drastic price surge.
This is because, alongside the above mentioned utility, the 99Bitcoins token has a staking mechanism, encouraging holders to lock up their investment for passive rewards.
They can earn approximately an 18,000% APY, but this will gradually fall as the staking pool grows.
Visit 99Bitcoins Presale
