Bitcoin's road to 150,000 Bitcoin Halving 2024: A New Era
The fourth Bitcoin halving, expected on April 15, 2024, will cut the block reward to 3.125 BTC, increasing scarcity and reinforcing its deflationary nature. Historically, halving cycles drive three phases: a bullish uptrend in the first 70,000 blocks, a bearish retracement in the next 70,000, and sideways consolidation before the next halving. This cycle points to a potential peak of $150,000, supported by historical trends, logarithmic regression, and metrics like the MVRV ratio.
Current Market Position
Bitcoin has emerged from the sideways phase of the third halving era (2020–2024) and is poised for a bullish run. The MVRV ratio, currently at 2.24, signals fair value, with room for growth. Historical patterns show Bitcoin dominance surges above 70% during bullish phases, supporting price appreciation.
Halving Cycles and Projections
Bitcoin's logarithmic regression model aligns with these price phases:
Bullish Phase (0–70,000 blocks): Exponential growth; projected high of $150,000.
Bearish Phase (70,000–140,000 blocks): Retracement of 80%, with lows around $55,000.
Sideways Phase (140,000–210,000 blocks): Consolidation before the next cycle.
MVRV Ratio Insights
The MVRV ratio (Market Value to Realized Value) serves as a key valuation tool:
MVRV > 3.7: Overbought, market tops.
MVRV < 1: Undervalued, market bottoms. The current reading of 2.24 reflects equilibrium, signaling potential upside.
Timeline Overview
April 2024 (Halving): Demand rises, supply tightens, sparking bullish momentum.
2025–2026: Peak at $150,000 as the bullish phase matures.
Post-Bullish Phase: Retracement to $55,000, consistent with historical patterns.
Conclusion
Bitcoin’s cyclical dynamics, driven by halving mechanisms, position it uniquely in financial markets. Historical data and on-chain metrics suggest a bullish trajectory to $150,000, with an 80% drawdown to $55,000 post-peak. While short-term volatility remains, Bitcoin’s long-term appeal as a store of value persists.
Disclaimer: This analysis is educational and not financial advice. Cryptocurrency investments are volatile, and past performance does not predict future results.
Sources
Coin Metrics
CryptoQuant
TradingView Data Analysis