🤯 Picked by our AI, this stock rallied more than Nvidia this month, yielding 94% since MarchSee the stock

Michael Saylor Breaks Silence on Bitcoin Price in Connection to Halving

Published 04/20/2024, 04:02 AM
Updated 04/20/2024, 07:30 AM
© Reuters Michael Saylor Breaks Silence on Bitcoin Price in Connection to Halving
BTC/USD
-

U.Today - Michael Saylor, founder of MicroStrategy business intelligence giant, has hinted at a massive surge in the BTC price after the halving takes place. In this case, he turned to how the events developed after the previous halving in 2020.

He also published a celebratory tweet once the halving finally happened.

Saylor points to clear correlation between BTC price and halving

Founder and former CEO of the above-mentioned business giant, who is now in charge of its Bitcoin strategy, took to the X platform to hint that he expects the Bitcoin price to see a tremendous boost after the fourth BTC halving.

He reminded his followers that after the previous halving hit the flagship cryptocurrency in 2020, the BTC price amounted to $8,618. Bitcoin reached a new all-time high of $69,000 in November 2023 and then, quite unexpectedly, skyrocketed to a new historic price peak in March this year before the fourth halving arrived.

As of today, when Bitcoin is changing hands at $61,043, BTC has increased roughly 800% despite all the massive volatility seen over these four years. VC investor and a big Bitcoin proponent Anthony Pompliano told CNBC this week that Bitcoin had surged approximately 40% in 2024 year-to-date.

As for BTC’s physical rival, gold, it has increased 11% over the past five years and just about 7% year-to-date this year. Pompliano concluded that those who have held gold over the past five years have lost purchasing power. Therefore, the status of gold as an asset that protects purchasing power has been basically debunked, Pompliano suggested.

As for Saylor, when the halving finally arrived earlier today, he posted a celebratory tweet, saying: “840,000 ₿locks of Truth.”

Analyst Plan B makes bullish BTC prediction

Prominent market analyst Plan B, who created the Bitcoin stock-to-flow model, has published a tweet to share a bullish prediction for BTC after the halving.

He tweeted that in accordance with his model, which takes BTC halvings into account, during the first half a year before the halving, “insiders frontrun it,” pushing the Bitcoin price 2x. Within the first six months, the analyst tweeted, his stock-to-flow model shows a 2x price increase. Over a longer period, such as 6-18 months after the halving, Bitcoin should surge 4x, he believes.

This article was originally published on U.Today

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.