Jesse Myers, a Bitcoin investor and author, believes that according to market analysts, Bitcoin won’t reach six figures until the block subsidy halving in 2024. Myers, the co-founder of Bitcoin investment firm Onramp, stated in an X (formerly Twitter) post on August 15 that the market would only “price in” the halving after the fact.
Bitcoin set to see a close failure
According to Binance, the live price of BTC sits at $29,334.03 per (BTC / USD) with a current market cap of $ 570.78B. 24-hour trading volume is $12.49B. Bitcoin is -0.11% in the last 24 hours with a circulating supply of 19.46M.
CoinGecko reports that today’s global crypto market cap is $1.22 Trillion, a -0.16% change in the last 24 hours and a 1.62% one year ago. As of today, the market cap of Bitcoin (BTC) is at $571 Billion, representing a Bitcoin dominance of 46.95%.
The four-year halving cycles of BTC are back in the spotlight as the next halving event approaches in the first half of 2024.
The reward per block of transactions earned by miners will decrease from 6.25 BTC to 3.125 BTC, and analysts are excited about the corresponding decline in emission and its impact on supply and demand.
However, for Myers, markets will not reflect these implications until after the halving has occurred. He concluded that BTC will not surge to $100,000 before the next halving.
Justification is in the form of market intuition criticism. Myers asserts that the Efficient Market Hypothesis, which states that markets always reflect the actual condition of a given asset, is “incorrect.”
He argues rather that the market will price in the altered reality over the subsequent 12 to 18 months. Current analysis indicates that BTC price performance in the year preceding a halving event has been comparable on each occasion.
The market effect of BTC halving
Contrary to some recent forecasts for how BTC’s price action will evolve in the coming months and beyond, this position contradicts these projections. Some believe that a breakout is imminent, with October as the popular target date for the Bitcoin bull market to return. Pre-halving price forecasts of $100,000 or more are not uncommon.
Robert Kiyosaki, author of the popular book “Rich Dad Poor Dad,” is one of the most recent proponents of a six-figure Bitcoin price. This week, he doubled down on his BTC price prediction.
Moreover, historical analysis indicates that the majority of Bitcoin’s cycle advances occur after a halving, as opposed to in the lead-up to one.
This month, the trading team Stockmoney Lizards revealed that it took a maximum of 240 days for BTC/USD to reach a new all-time high following the previous three halvings.
Bitcoin operators pick up the pace
Amid the dying BTC woes in America, Bitcoin Depot, an ATM operator based in the United States, reported its highest-ever revenue for the second quarter of 2023 as the company seeks to expand its footprint following its recent Nasdaq listing.
Bitcoin Depot released its Q2 results alongside other firms in the crypto ecosystem, recording quarterly revenue of $197,5 million. The company noted that this is an all-time high and an 18% increase from the same period in 2022.
Additionally, the company’s net loss of $6.1 million decreased by 249% year-over-year. Its second-quarter profit was $25.9 million, and its gross profit margin was 13%, up from 8% in the same quarter of 2022.
Brandon Mintz, the founder and chief executive officer of Bitcoin Depot, stated that the company plans to continue expanding through 2023 following its Nasdaq listing. The listing took place on July 3 after the completion of a merger with GSR II Meteora Acquisition Corp.
Bitcoin Depot has also announced partnerships with convenience retailers across the United States in an effort to increase the number of Bitcoin access points nationwide. In February 2023, the corporation also converted the software of its ATMs to BitAccess.
According to reports, the conversion eliminated previous annual licensing fees, which were incurring additional expenses. Will this renewed focus on BTC affect its price ahead of the halving? If yes – what will be the market value extent?
