As the crypto world eagerly anticipates the Bitcoin halving event in 2024, investors and enthusiasts are eager to learn insights into what the future holds for Bitcoin, the most prominent crypto.

With each halving event historically heralding significant shifts in Bitcoin’s price trajectory, industry experts have been offering their predictions on where Bitcoin’s price may head after the upcoming halving.

In this blog, let’s delve into the forecasts and insights shared by the experts.

Cathie Wood’s Bitcoin Prediction on Bitcoin Halving

Cathie Wood predicts a bullish trajectory for Bitcoin’s price post-halving, envisioning it reaching $3.8 million due to institutional adoption and new ETF products. Wood’s analysis suggests that if institutional investors allocate over 5% of their portfolios to Bitcoin, it could add $2.3 million to her initial projection. With Ark Invest’s bullish outlook and the SEC’s approval of spot Bitcoin ETFs, demand for the cryptocurrency has surged. Wood expects the halving event, anticipated in April, to catalyze further demand. Drawing parallels to past halvings, she foresees Bitcoin’s price continuing to soar, emphasizing the nascent stage of the financial ecosystem native to the internet.

Michael Saylor’s Bitcoin Prediction on Bitcoin Halving

Michael Saylor predicts Bitcoin will surpass gold’s value, emphasizing its superiority and potential to divert funds from traditional assets. With MicroStrategy’s recent purchase of 12,000 bitcoins, Saylor asserts that Bitcoin’s scarcity, emphasized by the upcoming halving, will drive its price upward to meet increasing investor demand. Bitcoin’s market cap has already surpassed silver’s, reaching over $1.4 trillion, yet it has considerable growth potential compared to gold’s $14.7 trillion valuation. Saylor’s bullish stance underscores Bitcoin’s status as a digital gold and its potential to reshape the financial landscape, exemplified by BlackRock’s interest in Bitcoin ETFs.

Binance’s CEO, Richard Teng’s Bitcoin Prediction on Bitcoin Halving

Binance’s CEO, Richard Teng, foresees Bitcoin surpassing $80,000 by year-end, attributing it to decreasing supply and increasing demand. Institutional adoption, highlighted by the approval of a spot Bitcoin ETF in the U.S., has fueled market rallies, with Bitcoin recently exceeding $73,000. Teng’s optimism aligns with Standard Chartered’s raised year-end target of $150,000 for Bitcoin. Teng succeeded Binance’s founder, Changpeng Zhao, in November 2023. Anticipating increased investment from family offices and endowment funds in Bitcoin ETFs, Teng acknowledges market volatility but views it positively for overall market health. His predictions signal a bullish outlook for Bitcoin’s price trajectory post-halving.

Winklevoss Twins’ Bitcoin Prediction on Bitcoin Halving

Cameron Winklevoss, the co-founder of the Gemini crypto exchange, anticipates a surge in Bitcoin demand after the 2024 halving, slated for April. He points to newly approved spot Bitcoin ETFs, accumulating BTC at a rate ten times higher than daily minting. Winklevoss highlights this trend as a potential catalyst for increased Bitcoin demand post-halving, with ETFs expected to remove twenty times more Bitcoin daily than what’s newly minted.

Tim Draper’s Bitcoin Prediction on Bitcoin Halving

Venture capitalist Tim Draper predicts Bitcoin’s value to triple by 2024, attributing this surge to the influx of investments into spot ETFs and the halving event. He envisions Bitcoin reaching $250,000 by year-end, facilitated by the introduction of spot Bitcoin ETFs in the U.S. Draper highlights ETFs as key for investors seeking exposure to Bitcoin without the complexities of direct ownership. He emphasizes Bitcoin’s capped supply and growing acceptance as a hedge against fiat currency depreciation. Draper advocates Bitcoin as a strategic hedge amid concerns over bank instability and currency depreciation, underscoring its relevance in diversifying investment portfolios.

JP Morgan’s Bitcoin Prediction on Bitcoin Halving

Despite historic gains, JP Morgan analysts predict a potential price decline for Bitcoin post-halving in April 2024. Halving and reducing daily token issuance is expected to create a supply shortage, historically leading to price increases. However, increased mining difficulty may lower production costs, driving Bitcoin’s price back to around $42,000. This estimate accounts for potential drops in hashrate due to less efficient miners exiting the market. Nevertheless, sustained high Bitcoin prices could mitigate this decline, especially with expanding access through new spot Bitcoin ETFs attracting investors and keeping smaller miners profitable.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.