Bitcoin price can reach $140,000 in 2024, trading executive says

The upcoming halving event might double bitcoin’s all-time high price, pushing it toward $140,000 and beyond. By Rob Nelson

A recent conversation between Roundtable anchor Rob Nelson and John Divine, head of OTC trading at crypto trading platform BlockFills, shed light on the intriguing dynamics of bitcoin’s value and its perceived risk among retail investors. The dialogue offered a panoramic view of the cryptocurrency’s trajectory, especially in the context of the upcoming bitcoin halving.

Divine provided a compelling analysis, starting with the mechanics of the bitcoin halving, slated to occur roughly 30 days after the conversation. This event, which will half the bitcoin block subsidy sent to miners every 10 minutes from 6.25 to 3.125, is expected to have a significant impact on the miner breakeven price, effectively doubling it from just shy of $30,000 to approximately $60,000 per bitcoin. Such a shift, as Divine elaborated, sets a new production cost foundation for bitcoin, potentially catalyzing the next phase of price discovery.

Diving deeper into predictions, Divine referenced his and other analysts’ forecasts, notably highlighting a year-end target that doubles the cryptocurrency’s previous all-time highs. With the last recorded peak at about $72,000, Divine firmly placed his year-end expectation at $140,000 per bitcoin, a figure that aligns closely with Standard Chartered’s recent $150,000 projection. The discussion didn’t stop at mere numbers; it also touched upon bitcoin’s comparative valuation with gold, envisioning a future where bitcoin achieves at least half of gold’s $13 trillion market cap, translating into a staggering potential value of nearly $350,000 per bitcoin.

Nelson, not to be outdone, offered his own prediction, optimistically rounding up to a $160,000 valuation by year’s end. Beyond the numbers, Nelson and Divine delved into the broader question of why bitcoin still appears as a gamble to many potential investors despite its solidifying status as a stable asset. Divine suggested that the perception of volatility, driven by historical price charts, overshadows the foundational principles and solutions bitcoin introduces to address pressing financial system flaws such as inflation and debt.

The conversation extended beyond mere speculation, urging a reevaluation of how we perceive and engage with digital currencies. By advising investors to look past the volatility and understand bitcoin’s underlying value proposition, Divine echoed a sentiment for a more informed and rational approach to cryptocurrency investment, advocating for strategies like dollar-cost averaging to build a position in bitcoin.

Watch the full discussion here.

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