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Home»Bitcoin»Bitcoin over $100,000 in 18 months? This is why this manager thinks so…
Bitcoin

Bitcoin over $100,000 in 18 months? This is why this manager thinks so…

2024-02-20No Comments3 Mins Read
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Posted: February 20, 2024


  • Bitcoin’s upcoming halving is expected to cause a supply shock, potentially sending its price to new highs
  • The introduction of spot Bitcoin ETFs has brought new changes, with Wall Street investors entering the crypto market

As Bitcoin (BTC) approaches its next halving in April 2024, the cryptocurrency market is on the verge of a significant supply shock. One that could have profound implications for its value and adoption. This reduction in supply, against a backdrop of increasing demand, especially from institutional investors, could lead to a shortage.

After Bitcoin’s halving, a supply shockwave awaits

In a recent one interview with Fox Business Exclusive, Anthony Pompliano, founder and investor at Pomp Investments, sheds some light on the inevitable “supply shockwave” that awaits Bitcoin’s future halving. According to the director This supply shock could lead to a dramatic rise in Bitcoin prices by the end of this year, post-halving.

He also mentioned,

“We are currently at $52,000. If this continues, there’s a chance we’ll be close to the all-time high ($69,000) when the halving happens, which will be an unprecedented event.”

Crossing the $50,000 Mark – Bitcoin ETFs Are Driving Up Prices

The rationale behind this prediction lies in fundamental supply and demand dynamics. Since miners will be incentivized to sell less BTC due to the higher profitability per Bitcoin mined, the reduction in net BTC supply is expected to drive prices higher.

Significantly, the SEC’s approval of spot Bitcoin ETFs has already changed Bitcoin’s supply dynamics, contributing to this bullish sentiment. There has been a rapid accumulation of Bitcoin by top ETF providers, such as BlackRock, who have reportedly purchased over $4.3 billion worth of BTC in a very short period of time.

See also  Macro Guru Lyn Alden Says $100,000 Bitcoin Would Be Disappointing for the Bull Market Cycle – Here's Her Goal

Additionally, Pompliano hinted at some “new types of investors” who could enter the crypto market. When questioned about this, he said:

“Bitcoin is now every Wall Street investor’s favorite asset. Through Bitcoin ETFs, they can now allocate capital to one of the best performing assets of the past 15 years.”

A $100,000 future? Analyst remains confident

However, while the potential for significant price increases exists, the maturity of the cryptocurrency market and increased regulatory and institutional participation may lead to a more muted price reaction compared to previous halving events. However, this has not dampened Pompliano’s confidence in Bitcoin. When asked how high prices could go, Pompliano replied:

“Historically, Bitcoin prices have increased by hundreds of percent. I wouldn’t be shocked if Bitcoin crossed $100,000 in the next 18 months.”

Higher adoption, higher prices

The BTC halving in 2024 represents a pivotal moment for the cryptocurrency market. With Bitcoin ETFs dominating the market, analysts are confident that the SEC will favor ETH and other crypto ETFs in the future. In fact, Pompliano believes these ETFs will improve the scope of mainstream crypto adoption.

There is still hope that the cryptocurrency community will multiply and become more mainstream, eventually leading to price increases.

Previous: Financial Education: How TradingGuide Helps Traders Make Informed Decisions

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