By
Godfrey Benjamin
May 10th, 2024
Bitcoin price has already bottomed out from the 2022 crypto bear market with about 137.1k BTC left to mine until the fourth halving event in early 2024. It is expected that approximately 150 days are left until the next halving.
The much-awaited Bitcoin (BTC) parabolic rally beyond its all-time high (ATH) will happen after April according to Morgan Stanley (NYSE: MS), a leading investment bank that is focused on emerging technologies and markets. With the global cryptocurrency regulatory framework largely in place compared to the 2021 bull run, Morgan Stanley analysts are convinced the bull cycle will happen after the fourth halving event that is scheduled during the first half of next year. Moreover, the USA vs Binance settlement has marked the beginning of a new era in the cryptocurrency industry, as indicated by most experts.
Bitcoin Price Action in Regards to Halving Event in 2024
As of this report, about 21,936 Bitcoin blocks, accounting for approximately 137,100 BTCs, are remaining to be mined before the next halving, which is expected around April 2024. The race to reaccumulate more Bitcoin is evident with the declining exchange supply, despite the regulatory pressures. According to on-chain data analysis provided by Coinglass, Bitcoin balance on exchanges has declined from over 2 million units to about 1.8 million in the past few months. Interestingly, Bitcoin price has been on a rising trajectory since the calendar flipped in January.
Historically, the Bitcoin bull run has been triggered by the halving event, which reduces the miners’ reward to control the asset’s inflation. With the demand for the flagship coin on the rise fueled by mainstream adoption from institutional investors, market experts are convinced Bitcoin’s market cap will surpass $3 trillion by mid-2025.
As it has been severely pointed out, Bitcoin price may never return sub $30k after the recent breakout. Having broken out of a macro-ascending triangle, the mother coin now enjoys a solid support range between $31k and $32k.
Meanwhile, several technical models have pointed out that Bitcoin price has a high chance of rallying beyond $100,000 after next year’s halving event. Moreover, Bitcoin investment products around the world have recorded a significant increase in cash inflow, following the positive regulatory environment. For instance, the European Union has the Markets in Crypto Assets (MiCA) regulatory framework, China is slowly moving to crypto via Hong Kong, Argentina now has a pro-Bitcoin president, and the United States Congress is preparing to pass crypto and stablecoins legislations.
Consequently, Cathie Wood, the founder and Chief Executive Officer at Ark Investment Management LLC, recently reiterated that Bitcoin price could easily reach $650,000 by 2025 on a conservative estimate and as high as $1.5 million. With the heightened FOMO (fear of missing out) as investors flee to quality investment products, the next Bitcoin bull run could easily outperform the 2021 rally.