WILL BITCOIN INCREASE 12,000% IN THE NEXT 10 YEARS?

Despite witnessing such a huge increase, financial experts believe that it would be "silly" to expect that in the next 10 years, the price of Bitcoin will continue to increase by 12,000%, meaning 1 Bitcoin will cost nearly 150,000 USD. The total GDP of the entire world will only reach more than 100,000 billion USD in 2023, so this assumption seems very unlikely to happen.

Bitcoin's fixed supply limit will be the most attractive element of this digital currency. Globally, the total supply of Bitcoin is limited to 21,000,000 BTC coins. This number cannot be changed by anyone, including the founder Satoshi Nakamoto. As of April 2024, there have been about 19.7 million BTC mined and only about 1 million BTC left unmined. And after the upcoming halving, Bitcoin's supply growth rate will be lower than that of gold. (halving is the periodic reduction of the block subsidy provided to miners). Halving helps ensure that crypto assets will follow a stable issuance rate until maximum supply is reached.

As the supply of a certain good gets lower and all else remains constant, the price will increase as people try to buy more. Therefore, technical experts believe that Bitcoin will also develop similarly.

The supply of Bitcoin to the market also largely depends on cryptocurrency mining companies, but data on inventory and supply is very scarce. If miners sell their reserves, that could put downward pressure on prices.

Since reaching a record high last month, Bitcoin price has recently dropped below $64,000. JP Morgan analysts said this week they expect prices to fall further after the halving.

There is no evidence that previous halvings are what is driving bitcoin's next price rally.

Traders and miners have studied previous halvings as follows: When the last supply reduction occurred on May 11, 2020, the price increased by about 12% in the following week and 659% in The next 12 months.#Bitcoin_Coneference_2024 $BTC