FameEX Hot Topics | 'Wolf Of All Streets' Forecasts Bitcoin Halving May Drive BTC to $240,000

Scott Melker, widely recognized as the "Wolf Of All Streets," recently shared his perspective on the upcoming Bitcoin halving event, slated for April 2024. In an article published by The Street, Melker, a prominent trader, investor, writer, and host of the Wolf Of All Streets podcast, delved into the significance of this event and its potential impact on the price of Bitcoin.

The Bitcoin halving, an event that occurs when the number of mined blocks reaches 840,000, leads to a reduction in the block reward from 6.25 to 3.125 bitcoin. This essentially cuts the rate at which new Bitcoin is issued in half, making it considerably more challenging for miners to generate profits through their mining activities.

Melker pointed to the previous halving cycle as a compelling example of the potential impact of this event. He highlighted that during the last halving cycle, Bitcoin's price skyrocketed from its previous high of $20,000 to an all-time high of $69,000, marking a remarkable appreciation of 250.86%. Drawing from this historical trend, Melker speculated: "If we even take that next 250% and apply it from the $69,000 (Bitcoin's all-time high) into the next cycle, we're looking at a Bitcoin price around $240,000."

He expressed strong confidence in this prediction, acknowledging that some might perceive discussions of Bitcoin reaching values like $170,000, $220,000, or even $1 million as hyperbolic. However, Melker remains steadfast in his belief in the continued effectiveness of this cyclical pattern until proven otherwise. He even suggested that Bitcoin could surpass the $200,000 mark in the current cycle.

Scott Melker's optimism regarding the potential impact of the Bitcoin halving is shared by other notable figures in the cryptocurrency industry. Anthony Scaramucci, the founder of Skybridge Capital, has his own projections, expecting the halving to drive Bitcoin's price to $170,000 by mid- to late-2025, assuming a starting point of around $45,000. Standard Chartered also made a prediction, suggesting that Bitcoin could reach $200,000 in the coming year.

Venture capitalist Tim Draper has set even loftier expectations, foreseeing Bitcoin's price surging to $250,000 within the current year. Draper envisions a future where the demand for U.S. dollars wanes as digital currencies, including Bitcoin, gain prominence. As the Bitcoin community eagerly awaits the impending halving event, these predictions provide a positive outlook for the cryptocurrency's future performance. They underline the potential for substantial price appreciation in the years ahead, reaffirming Bitcoin's status as a transformative asset in the world of finance.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.