Bitcoin Halving Is Defying All Predictions

It was expected that as Bitcoin (BTC) got closer to halving that the price would climb, but the opposite has happened. Bitcoin is currently priced at $66,226 (BTC/USD).

This is one of the lowest price points we have seen for Bitcoin over the last month. Instead of climbing higher as the halving approaches, Bitcoin is struggling to even get above $70,000.

UK financial technology firm Finder conducted a survey earlier this year to see what industry experts predicted Bitcoin would do for its halving and through 2030. The majority of them expected the coin to go much higher around the halving, with more than half of them anticipating a price increase after halving.

The writer of Rich Dad, Poor Dad, Robert Kiyosaki, said that Bitcoin would average $86,000 during 2024. So far, he has proven to be wrong. He also predicted Bitcoin would reach $100,000 this year, and though the coin surged early on in 2024, it has reached an impasse with the $70,000 level. Bitcoin just cannot seem to stay above that key level.

Where Is Bitcoin Going?

Maybe that will change with halving and the event will help the token to surge far past that level and stay there. It is possible that $70,000 will become the new support level of Bitcoin after a powerful bull trend takes hold in a few days. The halving is just four days away, and the cryptocurrency industry is paying close attention.

But trade volume is down for Bitcoin, and even though the price is up 2.29% from the previous day, the coin is still well below the $70k level and unable to keep its head above that mark for long.

Even after halving, Bitcoin may have trouble getting above that level and staying there. Those expecting a surge that holds may be disappointed, as Bitcoin is held back by high inflation that is only getting worse from month to month for 2024.