Bitcoin was suddenly braced for a $35 trillion earthquake

Bitcoin BTC is just hours away from the next supply cut, known as the Bitcoin halving, amid fears of a “rapid and catastrophic” collapse of the US dollar.

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Bitcoin's price has risen about 330% since it fell to recent lows of $15,000 per bitcoin in late 2022, and has struggled in recent weeks despite growing expectations that China may be on the verge of blowing up the price of bitcoin.

Now, as Binance's Bitcoin wallet issues a “credible” warning of an iPhone hack, one closely watched analyst predicts that the Bitcoin halving will push the price of Bitcoin to nearly $1.8 million – giving Bitcoin… A market cap of about $35 trillion even with Wall Street banks issuing. Serious warnings about the price of Bitcoin halving.

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More from Forbes 'It's Going to Zero' – Legendary Billionaire Predicts 'Rapid and Catastrophic' US Dollar Collapse and $5 Trillion Post-Halving Bitcoin Price BoomBy Billy Bambrough

The price of Bitcoin fell ahead of the recent Bitcoin halving, although some believe that Bitcoin… [+] The price may soon move sharply.

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Bitcoin's fourth halving – a supply cut that will see Bitcoin's block reward cut from 6.25 BTC to 3.125 – is scheduled to happen later today, potentially wreaking havoc on the economics of a Bitcoin industry that has changed dramatically since the last supply cut in 2020.

The halving, which reduces the daily supply of new bitcoin from around 900 to 450, is now just hours away, according to a NiceHash countdown. The 2024 Bitcoin halving is the fourth halving of Bitcoin, following previous halvings in 2012, 2016, and 2020.

“If we get a run similar to the previous cycle, given historical performance one year after the halving, Bitcoin could reach $450,000 a year from now, or $270,000 if this cycle turns out to be more like 2016,” said Noelle Acheson, analyst. Bitcoin and the author of the Crypto newsletter Macro Now wrote, citing Bloomberg data.

However, using Axios data, Acheson found that Bitcoin's price “could reach $350,000 (using the previous cycle as a guide), or $1.8 million (applying the performance of the 2016 cycle)” — giving Bitcoin a market cap of $35 trillion.

“In the short term, the upcoming halving will throw supply and demand slightly out of balance, creating market pressures as more investors seek a piece of the pie,” Duncan Ash, head of strategy at Coincover, said in email comments.

“This will likely continue until the high price deters new investors, which will restore a closer balance between the number of buyers and sellers and stabilize the market. Additionally, the industry will emerge with a greater number of users, a higher, and greater market capitalization and as such, we are likely to see a stabilizing effect On the market in the medium to long term.

The Bitcoin halving is the first to occur outside of the Fed's ZERB (zero interest rate policy) era, the first after a fleet of long-awaited exchange-traded funds (ETFs) debuted on Wall Street and the first since China. Bitcoin miners fired in the country in 2021.

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More from Forbes “Disable iMessage ASAP” – A “High Risk” Alert Issued About “Trusted” iPhone Dark Web Exploit By Billy Bambrough

The price of Bitcoin has skyrocketed over the past year, erasing the price collapse of 2022 before this… [+] The historical half of Bitcoin.

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“We are currently in a high inflation and high interest rate environment,” Jeff Hancock, CEO of cryptocurrency app Coinpass, said in email comments. “The bitcoin market has matured from a hobby for crypto enthusiasts to a real asset with institutional interest, which is why I feel this cycle will be different,” Hancock said, pointing to Wall Street’s fleet of bitcoin ETFs. “Institutional demand for Bitcoin is here to stay.”

Bitcoin halvings will continue every four years or so until approximately 2140. Once the Bitcoin network stops producing new bitcoins, miners will earn solely from transaction fees, something they are already preparing for using protocols like Ordinal, Rune, and BRC-20. Which led to higher transaction fees.

After weeks of speculation, including JPMorgan and Goldman Sachs GS analysts warning this week that the price of bitcoin could fall in the wake of the immediate halving, there is still little consensus on what a supply cut would mean for the price of bitcoin.

Historically, the price of Bitcoin has risen in the months following the previous three Bitcoin halvings. Andrew O'Neill, a cryptocurrency analyst at S&P Global, told Reuters he was “somewhat skeptical about the lessons that can be learned in terms of price forecasting from previous halvings.”

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