By
Godfrey Benjamin
May 10th, 2024
SkyBridge’s Anthony Scaramucci stated that Bitcoin price could surpass $170,000 a year after Bitcoin halving in April 2024.
After the successful launch of the spot Bitcoin ETFs in the US last week, analysts are betting upon the upcoming Bitcoin halving event scheduled sometime around mid-April 2024.
As of now, there are 13,902 Bitcoin blocks left until the upcoming Bitcoin halving, slated for Friday, April 19, 2024. The countdown is based on the average block time over the last 20,160 blocks, currently standing at 9 minutes and 44 seconds.
The prediction for the next Bitcoin halving date is set for block 840,000, and with 93 days remaining, it is expected to occur on April 19, 2024. This event marks the fourth Bitcoin halving, a periodic reduction in block rewards, with subsequent halvings continuing until 2140 when rewards will reach nearly zero.
The scarcity created by these halvings enhances Bitcoin’s appeal as a store of value. In the upcoming 2024 halving, the block reward will decrease further to 3.125 BTC. The ongoing countdown adds anticipation to the crypto community as it approaches this significant event in Bitcoin’s supply mechanism.
Bitcoin Price Target at $170,000
In an interview on Monday, hedge fund SkyBridge’s founder and managing partner Anthony Scaramucci expressed optimism that Bitcoin’s price could surpass $170,000 next year. He attributed this potential surge to the demand generated by recently approved exchange-traded funds (ETFs) and the upcoming halving event scheduled for April.
Scaramucci outlined his projection, stating:
“If Bitcoin’s at $45,000 on the halving, where it roughly is right now, it’ll be $170,000 by mid- to late 2025.”
The halving event is a technical occurrence that reduces the rate of new bitcoin entering circulation. Scaramucci provided a formula for estimating future prices, suggesting that multiplying the halving day’s price by four would yield the anticipated price within the next 18 months.
Bitcoin’s recent price movements saw a spike above $49,000 following the approval of spot Bitcoin ETFs for trading on US exchanges. However, the price has since retreated to around $42,000. Scaramucci attributed this decline to investors shifting from the Grayscale Bitcoin Trust to the newly established funds.
He anticipated that it might take eight to 10 trading days to gauge the impact of these newly listed funds on Bitcoin prices. The forecast adds to the ongoing discussion surrounding Bitcoin’s potential trajectory and its role in the evolving financial landscape.
The spot Bitcoin ETFs have received good response with trading volumes reaching $10 billion within three days of going live. Eric Balchunas, ETF strategist at Bloomberg, emphasized the extraordinary start of Bitcoin ETFs by putting the $10 billion trading volume within the initial three days into perspective.
Let me put into context how insane $10b in volume is in first 3 days. There were 500 ETFs launched in 2023. Today, they did a COMBINDED $450m in volume. The best one did $45m. And many have had months to get going. $IBIT alone is seeing more activity than the entire '23 Freshman… https://t.co/wV1zQFtPW1
— Eric Balchunas (@EricBalchunas) January 16, 2024
Comparing it to the broader ETF landscape, Balchunas noted that in 2023, a total of 500 ETFs launched, collectively achieving a combined $450 million in volume. Also, the highest-performing ETF among them reached $45 million. Notably, many of these ETFs had months to gain traction.