Charles Edwards, Cryptocurrency Analyst, Provides Insightful Perspective on Bitcoin’s Price Outlook
Charles Edwards, founder of Capriole Fund and a prominent cryptocurrency analyst, shares an intriguing viewpoint on Bitcoin’s (BTC) price. He suggests a potential rise to $41,200 in just five months, derived from Bitcoin’s electricity cost and the raw energy expenses of mining, which he believes might double overnight, possibly by April 2024.
Capriole Fund’s founder speculates that this certainty could lead to the closure of inefficient miners with Bitcoin’s reward halving. Eleven years ago today marked the first Bitcoin halving event, followed by subsequent halvings in 2016 and 2020, with the next one anticipated in April 2024.
According to Edwards, electricity costs reached their lowest points at +65% and +50% of pre-halving values in the last two halvings. If history repeats and electricity costs hit +50% this time, Edwards expects Bitcoin’s historical price floor to reach $41,200 in just five months.
One of Bitcoin’s highly anticipated events is the halving, occurring every 210,000 blocks, reducing the new coin issuance rate by 50%. The next BTC halving is set at block height 840,000; however, the actual date and time remain unknown.
Based on the current block time average, Glassnode, an emerging on-chain analytics firm, forecasts a potential date of April 23, 2024.
READ MORE "PlanB's Bitcoin Price Predictions Amidst Market Resilience and ETF Prospects"
At the time of this report, Bitcoin (BTC) had risen by 0.35% to reach $37,191.
Historically, Bitcoin has exhibited over 400% annual returns after a halving event. Nevertheless, past results do not guarantee future outcomes.
Disclaimer: The information provided is not financial advice. Chinwa.tech does not take any responsibility for investments made based on the information provided in this article. We recommend consulting a qualified specialist or financial advisor before making any investment decisions.
