Crypto Pundit Says Bitcoin Halving Is A ‘Buy The News’ Event

Bitcoin’s fourth halving It is now completed and virtual currency investors I’m looking forward to the results Regarding the price of Bitcoin and other cryptocurrencies. As the largest crypto asset, the price of most altcoins is roughly correlated with the price of Bitcoin, so the halving event is of great importance to all investors.

Matt Hogan, chief investment officer (CIO) of crypto index fund provider Bitwise Asset Management, says the recent Bitcoin halving is a buying opportunity for crypto investors. .

Is Bitcoin Halving an Opportunity to “Buy the News”?

The Bitcoin halving event is highly anticipated in the cryptocurrency world.while talking at CNBC Squawk Box InterviewHogan noted that Bitcoin’s price will rise significantly after the halving, making it a “buy the news” event, especially in the long term.

Hogan further analyzed Bitcoin’s price behavior in the months following a halving, noting how the price of Bitcoin rose significantly in the year following the past three halvings. Hogan attributes the price increase to tight supply in the months following the halving.

“The amount of new Bitcoin coming to the market is being cut in half, reducing the annual supply by $11 billion. I think that’s something to look forward to next year,” Hogan said.

When asked about the possibility of Bitcoin being used, store of value in the middle geopolitical tensions,especially middle eastHogan pointed out that the power of cryptocurrencies is best seen in the big picture.

“If you look at the big picture, it’s done a great job of protecting us from post-COVID inflation. I think ultimately it’s a good hedge against geopolitical turmoil,” Hogan said. Ta.

Total crypto market cap currently at $2.339 trillion. Chart: TradingView

What’s next for Bitcoin?

of Recently completed Bitcoin halving The reward given to miners has been reduced from 6.25 BTC to 3.125 BTC. The idea and design behind each half is very simple. If fewer new Bitcoins come into circulation, the value of existing Bitcoins may increase. In the past three halvings, Bitcoin’s price fluctuated during the first few months, but the price eventually rose significantly after a year.

For example, the price of Bitcoin lingered for at least nine months after the 2020 halving, ultimately leading to a 458% price spike. If history were to repeat itself, a similar 450% surge would take Bitcoin’s price to around $345,000 in the first quarter of 2025.

At the time of this writing, Bitcoin is trading at $64,870. Bitcoin is currently up over 130% in the year to the end of the halving. A similar 130% increase in the annual period following the halving would push Bitcoin’s price to around $150,000 by mid-2025.

Interestingly, this price point is exactly to the liking of SkyBridge Capital founder Anthony Scaramucci. who predicted it BTC price will reach at least $170,000 by the end of the current market cycle.

Featured image from Pixabay, chart from TradingView

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