FameEX Hot Topics | 'Wolf Of All Streets' Predicts Bitcoin Halving Could Propel BTC to $240,000

Scott Melker, renowned as the "Wolf Of All Streets," has shared his insights on why the upcoming Bitcoin halving event, scheduled for April 2024, could propel the cryptocurrency's price to $240,000. In a recent article published by The Street, Melker, a prominent trader, investor, writer, and host of the Wolf Of All Streets podcast, discussed the significance of this event and its potential impact on Bitcoin's value.

During the Bitcoin halving, which occurs when the number of mined blocks reaches 840,000, the block reward is reduced from 6.25 to 3.125 bitcoin. This effectively halves the new supply of Bitcoin, making it twice as challenging for miners to profit from mining activities.

Melker pointed out that in the previous halving cycle, Bitcoin's price surged from its previous high of $20,000 to a peak of $69,000, representing an appreciation of 250.86%. Drawing from this historical trend, he speculated: "If we even take that next 250% and take it from that $69,000 (all-time bitcoin price) high into the next cycle, we're looking at bitcoin around $240,000."

He emphasized his confidence in this prediction, stating that while some may view it as hyperbole to discuss Bitcoin reaching values of $170,000, $220,000, or even $1 million, he believes in the effectiveness of this cyclical pattern until proven otherwise. He expressed his belief that Bitcoin could surpass $200,000 in the current cycle.

Scott Melker is not alone in his optimism regarding the Bitcoin halving's potential impact on its price. Other notable figures in the cryptocurrency space share similar sentiments. Anthony Scaramucci, the founder of Skybridge Capital, anticipates that the halving could drive Bitcoin's price to $170,000 by mid- to late-2025, assuming it starts from a base of $45,000. Standard Chartered also predicted that BTC could reach $200,000 in the coming year.

Venture capitalist Tim Draper has even more ambitious expectations, predicting that Bitcoin's price will reach $250,000 within the current year. Draper envisions a future where the demand for U.S. dollars diminishes as digital currencies gain prominence.

As the Bitcoin community eagerly awaits the approaching halving event, these predictions provide an optimistic outlook for the cryptocurrency's future performance, highlighting the potential for substantial price appreciation in the years to come.

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