- Crypto analyst Josh Rager forecasts a Bitcoin supply crisis post the upcoming halving in April 2024.
- Rager suggests that even if BTC ETFs face rejection, Bitcoin’s inherent supply mechanics will steer a bull market.
Unraveling the Bitcoin Halving Impact on Market Dynamics
Delving deep into the intricate mechanisms governing Bitcoin’s (BTC) price movement, seasoned crypto analyst Josh Rager offers a compelling perspective to his expansive follower base. Rager holds a conviction that the next Bitcoin halving, set for April 2024, will be pivotal in shaping the cryptocurrency’s trajectory, irrespective of the outcome concerning Bitcoin’s exchange-traded fund (ETF) applications.
For those unfamiliar with the term, “halving” in the Bitcoin realm pertains to the event where the rewards granted to Bitcoin miners for validating transactions and securing the network are halved. This mechanism, baked into Bitcoin’s code, occurs approximately every four years and plays a crucial role in maintaining the digital asset’s scarcity and deflationary nature.
Bullish Indicators Beyond the ETF Horizon
Rager emphasizes that while a Bitcoin ETF could serve as a significant catalyst for price acceleration, the impending supply constraints arising from the halving are likely potent enough to kickstart a bullish cycle. Historically, a post-halving uptrend is observable, albeit with a caveat that historical data points remain limited in number.
Delineating his perspective, Rager comments,
“Even if the anticipated ETF doesn’t materialize this time around – which, in my view, seems improbable – the inherent Bitcoin supply pinch post-halving is poised to be a formidable force driving an uptrend throughout 2024.”
Peering into the future, Rager sketches out a potential timeline for Bitcoin’s price evolution. He envisions a potential postponement of the Bitcoin ETF decision till March, during which the cryptocurrency might oscillate between the $20,000 to $30,000 range. Post a potential ETF approval and coinciding with the halving, Bitcoin could surge towards the $40,000 mark. The subsequent period might witness a brief consolidation, paving the way for an upward price rally initiating around mid-2024 and extending into 2025.
At the moment, Bitcoin’s market valuation stands at $29,207, serving as a base reference for potential market movements in the ensuing months.
