By Susie Violet Ward · Forbes · 1 January 2024
At the start of 2024, with bitcoin at $42,665, the article set out why some saw the potential for a “supercycle”, a concept first introduced by bitcoin educator Dan Held. It pointed to the halving expected in April 2024, which was set to cut the block reward from 6.25 to 3.125 bitcoin, and noted that prices had risen in the months after previous halvings, including from around $12 to over $1,000 within a year of the 2012 halving.
Other factors included the expected approval of US spot bitcoin ETFs, Hong Kong’s decision to allow both in-kind and cash creations, new FASB accounting rules and concerns about fiat currencies. Forecasts at the time included PlanB’s potential high of $524,000 within four years, $400,000 from analysts at Blockware Solutions and a VanEck prediction of new all-time highs by the fourth quarter of 2024.