Unchained Capital, a crypto-financial service provider predicted a growing future of Bitcoin based on the current performance and position. Joe Kelly, the CEO of Unchained forecasted that BTC will skyrocket to $105,000, around a 250% hike by the end of 2025. The firm is managing more than $2 Billion in assets and made a prediction based on historical precedents.
The main question that arises is, what is the reason behind the BTC price hikes? Let’s find out the main point behind the prediction.
Why Joe Kelly Made Predictions for Bitcoin?
“Halving events could lead Bitcoin’s price upsurge by 250% from its present level to the $105K mark”, stated Joe Kelly. Before knowing the reason behind the BTC price hike, it is important to understand the concept of halving. Halving in the crypto is when the rewards for BTC mining are cut in half and take place every 4 years. The event simply cut the coinbase reward with each mined BTC block by 50%. The decline from 6.25 BTC per block to 3.125 BTC per block is the main factor behind the price rise of BTC. The price is forecasted to reach nearly $30,000 to $105,000 by the end of 2025. The prediction is made based on the previous forecasts.
“The past halving events showed a price increase of 8,069%, 284%, and 559% in the year 2012, 2016 and 2020 respectively”, Joe added. An investment research company Fundstrat indicated that the demand for the digital asset is approximately $25 Million leading to a major shakeup with the occurrence and halving of the mining rewards. The firms also reported that the BTC price is expected to touch $180K by the end of April 2024 due to the upcoming halving.
Based on the latest predictions and analysis, BTC already touched a 77% rise in 2023 and is assumed to go high in the upcoming years. All the predictions and analyses carried out by the firms simply represent a strong and growing positioning of BTC in the crypto landscape.
Current Standing of Bitcoin
Bitcoin, the oldest and most powerful digital asset in the crypto landscape is assumed to reach new heights in the upcoming days. Focusing on the current price and value, the BTC price is $29,178 with a trading volume of 10.155K. The market cap of crypto is around $567 Billion with a circulating volume of 19.447 Million. Investing in BTC can be beneficial based on the current price prediction. Individuals wishing to invest in BTC can purchase the same from crypto exchanges including Binance, Bybit, Deepcoin, OKX WEEK, etc.
Conclusion
Joe Kelly, the Chief Executive Officer of Unchained Capital company predicted a glittering future of Bitcoin based on its current value and events. The halving events are going to boost the price of BTC up to 250%, around $105,000 by the end of 2025. The coin is already reaching new heights and is expected to grow much more in the near future.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/08/16/unchained-ceo-joe-kelly-predicted-bitcoin-rise-after-halving/