(qlmbusinessnews.com Fri, 22nd Sept, 2023) London, UK —
Bitcoin Price Predictions: New All-Time Highs Before 2024 Halving, Says Analyst
Cryptocurrency commentator BitQuant predicts Bitcoin will reach new all-time highs before the 2024 halving, with a target price above $69,000. But what happens next could be even more significant.
BitQuant, a popular social media figure in the crypto space, recently shared his BTC price prediction on X (formerly Twitter). In the post, he outlined a bullish scenario for Bitcoin, suggesting that it will surpass its previous all-time high, set in 2021, before April 2024.
He dismissed the idea that Bitcoin's price would peak before the halving event, an occurrence that halves miner rewards every four years. Many analysts believe that these halving events act as catalysts for Bitcoin's price to soar to new heights.
BitQuant went further, stating that after reaching a new all-time high, Bitcoin will continue its ascent, ultimately reaching $250,000 per coin after the next halving cycle begins.
However, the crypto community remains divided on Bitcoin's price trajectory leading up to and after the halving. While some share BitQuant's bullish outlook, others are more conservative in their predictions.
Jesse Myers, a Bitcoin investor and author, recently expressed doubts about Bitcoin reaching six figures before the next halving. On the other hand, Filbfilb, co-founder of trading suite DecenTrader, offered a more modest pre-halving price ceiling of $46,000.
As of September 15, Bitcoin was trading at around $26,400, with a 1.3% increase in September so far, according to CoinGlass data.
Bitcoin Hodlers Accumulate as Supply on Exchanges Shrinks
Bitcoin holders are increasingly accumulating the cryptocurrency, with inactive Bitcoin addresses reaching all-time highs across different time frames. At the same time, Bitcoin outflows from exchanges continue to rise.
On-chain data indicates that Bitcoin holders are holding onto their coins, with exchange balances at yearly lows and the percentage of inactive Bitcoin supply at record levels. Glassnode's Bitcoin supply last active chart reveals that inactive Bitcoin, which hasn't moved from addresses for one, three, and five years, has reached all-time highs since July 2023.
CoinMarketCap, which tracks wallet addresses by the duration of BTC holding, estimates that around 69% (36.8 million addresses) have held Bitcoin for over a year.
CryptoQuant data also reflects the decline in Bitcoin outflows from exchanges since July 2021, leaving just over 2 million BTC on exchanges.
The CoinGlass Bitcoin on exchanges tracker provides insights into the circulating Bitcoin held by major centralized exchanges. Binance leads the pack with 543,281 BTC, but it has seen significant Bitcoin outflows in the past month, with 21,645 BTC withdrawn. Coinbase Pro holds 435,530 BTC, and it saw 3,612 BTC withdrawn in the last 30 days.
The trend suggests that Bitcoin holders are choosing to store their assets offline, potentially in anticipation of the highly-anticipated mining reward halving set to occur in 2024.
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