Halving will raise the price of BTC to $240,000

Scott Melker, known as Wolf Of All Streets, shared information about the upcoming Bitcoin halving, scheduled for April 2024, and expressed the opinion that this event could lead to an increase in the price of Bitcoin to $240,000.

Melker, a well-known trader and investor, explained that the Bitcoin halving will occur when the number of mined blocks reaches 840,000 in April 2024, reducing the block reward from 6.25 to 3.125 Bitcoin.

He stressed that this means cutting the production of new bitcoins in half, making mining more difficult for miners. Melker noted that in the previous halving cycle, Bitcoin rose 250.86%, rising from a high of $20,000 to a high of $69,000. He predicts that even the next 250% taken from the $69,000 high could take Bitcoin's price to $240,000 in next cycle $BTC