The analyst "Crypto Ash" recently made a prediction on X stating that Bitcoin could soon surpass the $150,000 mark and potentially double after the halving. The analysis highlights several fundamental developments that support this potential.
Bitcoin has been showing a clear upward trend for some time now. After shaking off the bears of recent times, the cryptocurrency has continued its upward trajectory and recently surpassed the important $71,800 mark. This upward movement could lay the groundwork for further gains above $74,000.
An important factor that could contribute to this potential increase is the upcoming Bitcoin halving event. This event will halve block rewards and is expected to lead to a supply shortage, further driving prices upwards.
A decline in Bitcoin holdings on exchanges is already being observed ahead of the halving. Major exchanges like Coinbase and Binance are experiencing a decrease in BTC holdings. At the same time, a decline in Bitcoin holdings on over-the-counter exchanges indicates strong institutional demand.
The introduction of Spot Bitcoin Exchange-Traded Funds (ETFs) could also have a significant impact. These ETFs absorb over $300 million worth of BTC daily, contributing to making the market more liquid and resilient to sellers.
Plans are underway in London and Hong Kong to introduce additional Bitcoin financial products such as Exchange Traded Notes (ETNs) and Spot Bitcoin ETFs. These products are expected to increase liquidity in the market and further legitimize Bitcoin as an asset class.
The projected developments suggest that Bitcoin may continue to gain value and potentially surpass the $150,000 mark, which would mean a doubling of its price compared to current levels.
