Bitcoin: Surging Price and Upcoming Halving – What’s Next?

The Price of Bitcoin Surged to Over $63,000, Then Dropped to $59,557

Wednesday saw intense fluctuations in the cryptocurrency market, especially regarding the price of Bitcoin. Within a few hours, the price of the world’s most popular cryptocurrency rose to over $63,000, only to later drop to $59,557. Currently, Bitcoin is approximately 12% below its all-time high of $69,044, reached on November 10, 2021.

The Dynamic Price Developments of Bitcoin

The last time Bitcoin’s price exceeded $63,000 was on April 12, 2021. This time, the increase began on Monday, when the price was $50,926, and on Tuesday it reached $56,737. On Wednesday morning at 9:00 AM EST, Bitcoin surpassed $63,000, but by 12:00 PM, the price had dropped by $3,000, falling below $60,000. At the time of writing this article, the price of Bitcoin was $61,240.

The Impact of the Upcoming Bitcoin Halving

The approval of several Bitcoin ETFs by the SEC and the approaching Bitcoin halving have attracted a new wave of investors to the cryptocurrency market. Bitcoin halving, which entails cutting miners’ rewards in half, occurs every four years. This year’s event is expected on April 21, although the exact date depends on network activity.

Bitcoin Price Predictions

The founder of Skybridge, Anthony Scaramucci, predicts that the Bitcoin halving could lead to a tripling of the price to over $200,000, based on current market prices. On the other hand, CEO of JPMorgan, Jamie Dimon, criticized by Scaramucci for his skeptical stance on Bitcoin. However, some experts point out that it is also worth considering his remarks to avoid focusing solely on short-term indicators at the expense of understanding long-term trends.