Bitcoin Starts the New Year Rising Past $45K, Highest Level Since April 2022

The upcoming halving event in April 2024 is a key factor contributing to the potential supercycle. Historical data reveals that previous halving events led to significant increases in bitcoin's value. The reduction in supply resulting from halving, combined with sustained or growing demand, creates a supply crunch. This scarcity may drive prices higher, incentivizing long-term holders to sell.

Global economic uncertainties, such as downgrades in the US credit rating and doubts about the stability of the US dollar, could drive bitcoin as a safe haven. The ongoing de-dollarization and potential loss of confidence in fiat currencies worldwide further support this trend. The current economic environment, particularly in the United States, plays a role in Bitcoin's attractiveness amid concerns about hyperinflation.

Analyst Price Predictions
Several analysts have made bullish predictions for bitcoin’s price in the next bull market. Renowned bitcoin analyst PlanB predicts a potential all-time high of $524,000 for bitcoin in the next four years.

Analysts at Blockware Solutions suggest that the 2024 bitcoin halving could propel the price to a staggering $400,000.

Global investment fund VanEck has made predictions for 2024, suggesting that bitcoin could reach new all-time highs by Q4 2024.

This prediction is driven by factors such as the US election, the supply shock caused by the halving, and regulatory shifts that could make the crypto commodity as easy to own and account for as regular stock.