By
Steve Muchoki
April 19th, 2024
Elon Musk has also made a bold prediction that the global recession will continue until near 2024 Bitcoin halving.
Bitcoin has been in a bearish mode for some time with Peter Brandt, founder and CEO of proprietary trading firm Factor LLC predicting that the asset could trade between $17,000 and $23,000 till next year and a half before staging a bull run into new all-time highs. The current bear market has been linked to interest rate hikes to address the rising inflation, and it is unknown when things would return to normal. Regardless, renowned pseudonymous crypto trading expert PlanB has a strong conviction that Bitcoin could follow its historical data to record a pump to stage another bull run after the next halving event. PlanB relies on a chat that strictly follows the stock-to-flow (S2F) live model. This model quantifies the Bitcoin value and speculates on its future price by using scarcity. He mentioned that “the next Bitcoin halving is coming, and IMO it will (again) pump BTC.”
In one of his latest tweets, he stated that people would wake up to realize that the next bull market has started.
“One day you wake up and see #bitcoin at $21K, without any important news or event. The next week’s BTC is $24K .. and $30K. Some will say it’s a bull trap, others realize the bear market is over and the next bull market has started,” he said.
Similarly, crypto trader and analyst Josh Rager has said that “the real party won’t start until 2024.”
A Bitcoin halving event occurs every 210,000 blocks. Considering that it takes every 10 minutes to mine a block, and every two weeks to mine 2,016 blocks, mining 210,000 blocks takes just under four years. The first halving occurred on November 28, 2012, and the mining reward was split in half from 50 BTC to 25 BTC. The second event occurred on July 9, 2016, which saw the mining reward reduced to 12.5 BTC. The third and most recent event occurred on May 11, 2020, splitting the mining reward to 6.25 BTC. It is likely that the fourth event would occur on February 22, 2024, and would see the mining reward reduced to 3.125 BTC. Almost a year after all these events, the Bitcoin price recorded new all-time highs which were usually followed by a long bearish run.
Tesla Inc (NASDAQ: TSLA) CEO Elon Musk has also made a bold prediction that the global recession will continue until near 2024 Bitcoin halving.