The cryptocurrency community is sharply divided over the impact of the upcoming Bitcoin fork event scheduled for April 2024. While some see a short-term price decline, other analysts remain optimistic, arguing that the event will lead to a significant price rise.
PlanB, creator of the popular Stock-to-Flow (S2F) model for Bitcoin, takes a strong positive view. In a recent tweet, he emphasized that previous price spikes for Bitcoin have closely coincided with fork events, citing historical patterns.
This view is supported by two main trends:
Decreased coin issuance rate: A Bitcoin fork reduces the mining reward by 50%, which naturally slows down the production of new Bitcoins. This will result in a relative shortage of supply as demand continues to rise.
Demand surges: The launch of Bitcoin ETFs in the US in January 2024 saw massive demand, sending the price of the coin soaring to an all-time high above $73,700 in March 2024.
PlanB relies on its S2F model to predict that the price of Bitcoin will rise to $100,000 by the end of 2024, and $300,000 by 2025. This prediction is supported by a survey conducted on the X platform, which showed that 71.9% of participants believe that Bitcoin will reach $100,000 this year.
However, concerns still exist among some investors. Some fear that the current global economic downturn will put pressure on the prices of high-risk assets such as Bitcoin.
In general, the upcoming Bitcoin fork is characterized by a great deal of uncertainty. While historical indicators and analysis models point to a potential upside, global economic risks remain an important factor to consider.
It is important for investors to conduct their own research and carefully consider their risks before making any investment decisions.
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