After hitting historic highs in 2021, Bitcoin suffered significant altitude loss in 2022 due to strong winds. However, according to experts, the future of BTC is bright, as it enters the new year with a new enthusiasm. Some have even begun to pronounce 6-digit numbers!
When will Bitcoin reach six digits?
Leading crypto Bitcoin (BTC) is showing signs that the winter in the cryptocurrency market is finally over. Accordingly, BTC is trying to regain the critical price level of $30,000. Meanwhile, Bitcoin is preparing for the halving event, one of the most important events since its emergence. This is causing some experts to pronounce the six-digit numbers for the leading crypto.
Indeed, according to the Stock-to-Flow (S2F) model developed by cryptocurrency expert PlanB, it is possible for Bitcoin to reach a price of $100,000 by mid-2024. Around this date, the halving event will take place, which will halve the reward for mining new Bitcoin blocks.
Bitcoin Stock-to-Flow Model (S2F) / Source: PlanBIn particular, the analyst draws attention to the blue section of the chart, which represents the months leading up to the halving. He notes that a significant price increase typically follows this halving event, suggesting that Bitcoin is “approaching the halving (April 2024)” and that “halvings (dark blue) are usually on the S2F pattern line (grey).
BTC price performance
Currently, Bitcoin is trading at $28,818. This marks a 0.6% drop in the last 24 hours. Also, BTC lost 2.6% on a weekly basis at press time. The leading crypto stands in the green zone on its monthly chart.
Bitcoin 30-day price chart / Source: CoinMarketCapIt formed an ascending wedge at the end of Bitcoin’s recent downtrend. This is a pattern that can identify potential trend reversals. According to Trader Tardigrade, a popular chart analyst, this represents a “super bullish pattern.” In addition, another crypto market expert known as Seth on Twitter says that Bitcoin’s monthly accumulation indicators are starting to rise. The expert also declares a “fantastic” 2025 for his long-term Bitcoin position. Based on this, the expert suggests that when that time comes, the target price range for BTC will be $150,000 – $250,000.
At the same time, BTC transaction fees per block have increased dramatically recently, as observed by Farooq Anjum, technologist and associate professor at Pennsylvania Harrisburg University of Science and Technology. Anjum says the increase in fees is necessary for the Bitcoin halving process. In this context, he makes the following statement:
Unless the BTC price doubles by next year, it won’t be able to cover the cost of mining. So it needs to increase to account for the halving of total txn fees per block.
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