Halving Bitcoin: Analyst predicts rise to US$80,000 after event

As the fourth Bitcoin halving approaches, the cryptocurrency community is paying attention to possible price fluctuations. Historically, halving events impact prices, with Bitcoin rallies often coinciding with halving events.

Given the approach and high expectations for the event, which is scheduled for this week, some experts estimate that Bitcoin will experience a price increase towards the US$80,000 level shortly after the halving.

Pseudonymous cryptocurrency analyst CryptoJelleNL highlighted in a shared analysis on April 15 that the largest cryptocurrency’s three-day chart remains bullish, even with this weekend’s recent consolidation below the crucial $70,000 zone. For the crypto expert, the $80,000 price level for BTC could be available soon.

“Bitcoin 3-day chart is not changing. Halving event this week. I’m sure we’ll see $80,000 soon,” the expert wrote.

#Bitcoin‘s 3-day chart is not budging.

Halving event this week.

Pretty sure we’ll see $80,000 soon. pic.twitter.com/uuDhcH1279

— Jelle (@CryptoJelleNL) April 15, 2024

At the time of publication, the price of Bitcoin was quoted at US$66,095.33, up 2.6% in the last 24 hours. The price of the largest cryptocurrency on the market has seen a drop of 8.6% in the last seven days.

Record Difficulty in Bitcoin Mining Ahead of Imminent Halving

Bitcoin mining faces new challenges, with mining difficulty reaching a staggering record high of 86.4 trillion, an increase of almost 4%. This milestone comes days before the highly anticipated halving event, marking a significant period in cryptocurrency history. Mining difficulty, which measures the complexity of the problems miners need to solve to add new blocks to the blockchain, has seen a substantial increase.

This increase in difficulty suggests that more computing power is being deployed on the network, a strategic preparation for the upcoming halving, scheduled for April 20th. The hash rate, which represents the total computing power dedicated to the Bitcoin network, has also shown growth, indicating a growing interest and investment in Bitcoin mining.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.