Will the 2024 Halving Push Bitcoin’s Price to an All-Time High?

BitQuant, a renowned social media commentator, believes that Bitcoin (BTC) will hit a $250,000 target after its next block subsidy halving and new all-time highs will be achieved even sooner.

This optimistic view on the largest cryptocurrency comes as web 3.0 is going great and the media network crypto, such as Voyager crypto, Luna crypto and other top cryptos, are making headlines today.

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BitQuant: Pre-halving all-time high will not be BTC price top

In his latest post on X (formerly Twitter) on Sept. 15, the pseudonymous “central banker and Bitcoiner” BitQuant revealed a pre-halving target above $69,000.

“No, Bitcoin is not going to top before the halving,” he wrote. Bitcoin has just over six months until the halving, an event that cuts miner rewards earned per block by 50% every four years.

Analysts argue that the resulting emission restrictions have a positive impact on BTC price performance, acting as a catalyst for Bitcoin to set new all-time highs before the next halving cycle begins.

However, according to BitQuant, the halving alone is not enough to push Bitcoin to $160,000. “No, BTC is not going to $160K because the magnitude of every pullback is large,” he continued.

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Bitcoin traders diverge on halving price picks

As Cointelegraph reported, the crypto market is highly divided when it comes to the BTC price action into the halving and beyond.

While some believe that higher levels are possible by April, others are more conservative. Jesse Myers, Bitcoin investor and author, dismissed the idea of BTC/USD reaching six figures before then.

In an interview with Cointelegraph, Filbfilb, co-founder of DecenTrader trading suite, gave a pre-halving BTC price ceiling of $46,000. He said: “Assuming no black swan event, around $35,000 by the end of the year and possibly as high as $46,000 some time pre-halving in Q1 2024.”

At the time of writing, Bitcoin traded at around $26,400, according to CoinGlass monitoring resource, showing a 1.3% increase in September.