Bullish on Bitcoin: Spike to $60K and Beyond in 2024

[philipma1957]

According to this survey, it is confirmed that majority of people involved in cryptocurrency most especially with Bitcoin is really expecting a bull run to happen soon or at least within this year. This bullish sentiment can mean a lot to the industry as a whole as this signal that more and more participants will be coming in...in search for investment opportunities and possible profits either short-term or in the long run.

Let's say that everyone is betting on the halving effect, which at least in the past has always had very positive changes when it comes to price. Most hope that it will be the same this time, but when it comes to Bitcoin, the question is how much the next halving will affect the price, considering that last time the price increase was only x3.5 compared to the previous ATH.

Personally speaking, I am disappointed with the ETF effect but I am still thinking that this can just be temporary and that its power will be slowly felt in months from now...and coupled with the coming Bitcoin halving there can be synergy of events that can magically turn the market wildly skyrocketing.

True, the "magic" didn't happen because Grayscale started selling large amounts of BTC and I think they sold more than 100 000 BTC to date. Although all the other ETFs are somewhere around 150 000 BTC in total, I think that it is all still fairly balanced and that we will be between $40k and $45k for a while. Unless something extraordinary happens, I think that the real excitement awaits us only in Q4 or maybe at the beginning of next year.

I can tell you from a miners viewpoint we need 60k after the ½ ing to continue to mine at the current levels.

I think this ½ ing is a real test of the future from the mining viewpoint.

we have huge mines which likely are do 70% of the mining in the world.

huge mines keep grabbing a bigger slice of the pie.

we then get smaller commercial mines say 250kwatts to 2 mega watt

then the spot guy say 20kwatts to 250kwatts

lastly home miners under 20 kwatts.

I can tell you mining at 250kwatts is very hard.

it is about 60 s21 units they burn 250x24x30 =180,000 kwatts a month at five cent power.

9000 usd just on power. they are 60 x 200 = 12000th which now is 840 usd a day about 25,200 a month

sounds okay 25,200-9,000= 16,200 a month after power.

but the 60 units are 250,000 usd

and in 2 months the earnings ½ to 12600-9000= 3600 a month

paying off the gear and renting the building. you are pretty much a bust on april 1st at current 43k price.  so the 60k is needed to keep you afloat

with the best gear and five cent power.

Notice I use 5 cent number.

In prior bad times 6 cent number worked.

so a small-medium guy will be in real trouble in april.

[Lucius]

@philipma1957, It is always good to see how things look from different perspectives, and considering that you have been in this business for a long time, your information is always welcome. I hope that the price will still go up and that small miners will not lose part of their stake after the halving, because I am always in favor of having as many small miners as possible rather than a few large companies that take all the profit.

However, I did not know that for profitability we need even $60k, although in some way we are very close, but also somewhat far from it, considering that $50k has turned out to be a very solid barrier so far. If not before the halving, I hope that within about 6 months after the halving the price will reach at least $60k and more.

[Aanuoluwatofunmi]

We have to remember this that we are not likely to keep having the bullrun on a stretch, this is why the market is being volatile, it's comes in with the bull and bear all together, there's more certainty that before or during halving, Bitcoin will revisit it's all time high, then after the halving, there's going to be a new all time highs which we don't have the specific time for or know which high will mark the highest and last one for the bullrun.