Bitcoin is nearing a crucial period known as the “Danger Zone” – the weeks leading up to its highly anticipated halving event on April 20. Historical data suggests that Bitcoin’s price tends to dip during this pre-halving window, with previous cycles witnessing drops of 40% in 2016 and 20% in 2020.
Despite this potential volatility, top crypto executives remain optimistic about Bitcoin’s long-term trajectory. Binance CEO Richard Teng expects the world’s largest cryptocurrency to soar past $80,000 by the end of 2024, buoyed by increasing institutional demand and the limited supply resulting from the halving.
Teng cited the growing adoption of Bitcoin ETFs in the US, which currently hold $57 billion in assets under management, as a driving force behind this bullish outlook. He acknowledged that the path to $80,000 might not be a straight line, with price fluctuations expected along the way.
Similarly, Kris Marszalek, the co-founder and CEO of Crypto.com, views the recent price dip as a “healthy” correction that removes excess leverage from the market. He anticipates a “steady ramp-up” in Bitcoin’s value, with less severe price swings as the asset matures, and attracts long-term investors seeking multi-year holding periods.
While the “Danger Zone” looms, the confidence expressed by industry leaders highlights the growing institutional interest and the potential impact of the upcoming supply squeeze on Bitcoin’s future performance. As the halving event draws near, the crypto community will closely monitor price movements, weighing historical patterns against the evolving market dynamics shaping Bitcoin’s trajectory.
