Bitcoin (BTC), the largest cryptocurrency in the world, surged by 6.05% in the last 24 hours and surpassed $7,500. This is the largest price reached by the cryptocurrency since early March when the digital asset and the entire crypto market feel abruptly. The main question is whether the current price surge is related to the upcoming halving that will take place in 18 days.
Bitcoin Gets Closer To $8,000
Bitcoin continues to move to upward. In the last few hours, the digital asset was able to reach $7,500 and surpass that level, the highest since March. During the last few weeks, Bitcoin has been trading in a range between $6,850 and $7,250 which allowed users to accumulate some BTC before its halving event.
The largest digital asset will be reducing its new issuance of BTC from 12.5 BTC per block to 6.25 BTC per block, something that takes place every ten minutes in normal conditions. This would have an effect on price if demand for Bitcoin increases. There is only going to be 21 million BTC and many of them are already lost forever, which means that the real supply is much lower.
It is worth mentioning that the current bullish move in the market allowed altcoins to move higher as well. For example, Ethereum (ETH), XRP and Litecoin (LTC) grew by 3.54%, 4.05% and 4.89%, respectively. The whole top 100 cryptocurrencies experienced gains in the last few hours, with the exception of a few assets.
The market analyst Preston Pysh considers that Bitcoin would not surge to $100,000 but it can even reach a price level of $300,000. During an interview with Heyo co-founder Nathan Latka, Pysh stated that the Bitcoin halving could be the main reason for the virtual currency to reach $300,000.
On the matter, he commented:
“Do I think that it’s just going to up to [$100,000] and stop? Hell no. It’s going to go straight through that number. It’s probably going to go to $200,000 to $300,000.”
Moreover, he considers that Bitcoin would be traded between $80,000 and $100,000 in the coming years if it doesn’t surpass the $100,000 level.
Now it is just a matter of time to wait and see what the halving event would produce on Bitcoin’s price.