Bitcoin Facing Resistance at $30,000 But Bitcoin Halving Next Year Could Push It to $100,000

07. May 2023 Posted by Akolkar B on News

The world’s largest cryptocurrency Bitcoin (BTC) has a pretty solid sunup this year in 2023 and is already trading at more than 75% gains year-to-date. However, Bitcoin ended the April month on a flat note after facing another rejection at $30,000 on Sunday, April 30.

Bitcoin is currently under a strong selling pressure and has corrected nearly 6% in the last 24 hours. As of press time, BTC is trading at a price of $28,132 with a market cap of $544 billion.

So far in 2023, Bitcoin has shown strong resilience against the macro events as well as the banking crisis that unfolded in the US and Europe in March this year. Many started seeing Bitcoin as a strong hedge against the traditional banking sector and an alternative to Gold as a store of value.

However, Bitcoin has to face yet another litmus test with another banking crisis of the First Republic Bank brewing up recently. Another major US banking giant has faced a massive meltdown with the US regulators seizing its operations on Sunday. As a damage control, banking giant JPMorgan has offered to acquire some of the key assets of First Republic Bank.

This is one of the reasons that Bitcoin and the broader cryptocurrency market has come under selling pressure recently. However, this event hasn’t stopped the analysts for making bullish price predictions for Bitcoin in the year ahead and in 2024.

Last week, banking giant Standard Chartered stated that the Bitcoin price could climb past $100,000 by the end of 2024. One of the major reasons behind this bullishness is the upcoming Bitcoin halving event scheduled in mid 2024.

The Bitcoin halving will cut miners rewards into half and shall also reduce the circulating supply of BTC thereby driving price higher. Past Bitcoin halving events are a proof that the BTC price tends to rally before and after the halving event. Thus, many market analysts are bullish that Bitcoin could show similar performance during upcoming halving event.

Also, for the past four months, Bitcoin has been giving a closing in the positive territory. If we look at historical trends over the past decade, every time this happened, The BTC price has jumped by another 260% in the following year after four consecutive monthly green candle formations. Thus, if BTC repeats this performance this time as well, we can see its price skyrocket to more than $100,000 by the 2024 Bitcoin halving.