Posted by Xoken.org – The bitcoin and crypto asset buying and selling platform Indodax estimates that the price of bitcoin will strengthen up to three times ahead of the 2024 Halving momentum.
Indodax CEO Oscar Darmawan said that the Halving had been experienced three times. According to him, the Halving is an extraordinary momentum that creates supply disruptions in the blockchain system, thus causing demand for Bitcoin to soar.
“I always believe that halving always brings price increases due to supply disruptions, and usually price increases can reach 2 or even 3 times,” he said in a talk show session celebrating 10 years of Indodax in Jakarta, Tuesday (27/2/2024).
However, Oscar explained that after the price of bitcoin rises ahead of the 2024 Halving momentum, there will be an adjustment in the price of this digital currency.
Bitcoin is known to experience a halving event which occurs every four years, namely Bitcoin rewards to miners are cut by 50%.
Halvings are seen as positive for Bitcoin prices because they help reduce supply. Historically, halvings are seen as a good sign to bring Bitcoin price momentum.
The Bitcoin halving, which is expected to occur between April 20-22 2024, has made giant bitcoin owners or Bitcoin Whales accumulate bitcoin ahead of this momentum.
According to data from on-chain aggregator Santiment, large Bitcoin owners hold around 1,000-10,000 BTC. This shows that investors already have a lot of Bitcoin, thus reflecting signs of price recovery for the cryptocurrency.
Standard Chartered Bank’s head of crypto research, Geoff Kendrick, believes the price of BTC will reach US$100,000 by the end of 2024 due to the halving momentum.
Quoted from Bloomberg, Tuesday (27/2/2024), the price of Bitcoin jumped 4.4% to the level of US$57,039 before experiencing a decline and trading at around US$56,085 at 13.00 WIB. This price level means Bitcoin has risen 32% year-to-date (YtD).