New Price Prediction for Bitcoin after Massive Decline
Bitcoin is down after smashing its all-time high record, but will this setback prevent it reaching $100k by the halving event?
After creating a new all-time high at $73,750 (BTC/USD) on Thursday, Bitcoin fell to $66,076 on Friday.
That is below the old, longstanding record high for Bitcoin and proved that this coin is still very volatile. The analysts who have been saying Bitcoin is safe from price correction for now and will keep pushing upward have been proven wrong by the reversal.
At the time of this writing, Bitcoin was down 4.65% compared to the previous day and had a price point of $68,371. That means the coin has recovered some of its early morning losses but not all of them and is still below the crucial $70,000 level.
Will This Hinder $100,000 before the Halving?
Many industry analysts are predicting that Bitcoin will surge to $100,000 by the time its halving event reaches in late April. That event will change Bitcoin mining so that miners can only get half the bitcoin they are producing now for the same amount of effort.
A major surge is predicted by the time that event happens, but will it actually push Bitcoin to the psychologically important $100k? That could still happen, but Bitcoin would have to recover quickly from today’s downturn.
Things could still turn around for the token, as the drop has occurred early in the day and may be reversed before heading into the weekend. What the price does over the weekend will help determine where it will go from next week. If we see a continual price drop and trouble getting above the $70,000 mark, then Bitcoin will have a much longer road ahead of it to reach $100,000.
If Bitcoin manages to make a speedy recovery and finds little resistance at $70,000, then it is still very likely that it can achieve $100,000 by late April.
This setback may prove to be a minor one. Because Bitcoin has stayed bullish for months, we expect it to keep moving forward. Small downturns are expected, and this one is not impossible to overcome. Thanks to its recent strong momentum, Bitcoin will likely be back above the $70000 level very soon. We still believe this coin is on track to hit $150,000 before the end of 2024.
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