Key Points
- Peter Schiff predicts that Bitcoin’s supply won’t be halved by the upcoming event.
- Despite Schiff’s skepticism, metrics suggest Bitcoin remains a good buying opportunity.
Peter Schiff, a well-known Bitcoin skeptic, has made another prediction about the future of Bitcoin. He suggests that the upcoming halving event won’t cut Bitcoin’s supply in half.
Schiff shared this prediction on a social media platform on March 12th. He argued that 90% of Bitcoin’s total supply already exists, and only the growth of the supply could be cut, not the existing Bitcoin supply.
Bitcoin’s Performance and Halving Event
Despite Schiff’s skepticism, Bitcoin has continued to perform well, with its price increasing by 64.90% this year and reaching new all-time highs.
As for the upcoming halving event, it is expected to occur in April, and miners will receive 3.125 BTC as a reward. Historically, Bitcoin’s price has surged after halving events. However, this time, Bitcoin has already hit new highs before the event.
Bitcoin’s Potential for Growth
Despite the early surge, the possibility of further growth cannot be ruled out. For example, the first halving in 2021 saw Bitcoin’s price jump from $12 to $126. The halvings in 2016 and 2020 also resulted in significant price increases.
One metric that suggests Bitcoin remains a good buying opportunity is the Difficulty Ribbon Compression. With a compression threshold of 0.05, the metric indicates that Bitcoin, priced at $72,864, is still a good buy.
Another metric to consider is the annual inflation rate. Data shows that Bitcoin’s annual inflation rate has dropped to 0.54. If the inflation rate continues to drop as the halving approaches, Bitcoin’s gains could accelerate within months.
Additionally, the social volume of Bitcoin has been increasing, suggesting growing interest in the cryptocurrency. If this trend continues, demand for Bitcoin could also increase.
However, traders should remain cautious as a price correction could occur. If Schiff’s prediction proves incorrect, Bitcoin’s price could potentially rise into the six-figure range.
