The long-awaited Bitcoin halving event is approaching and is scheduled to take place on April 20, 2024, according to active tracking from Watcher.Guru. The crypto community has been buzzing with speculation about the potential impact on various digital assets following the event.
Among the coins that have received a lot of attention is Ethereum (ETH), the second-largest cryptocurrency by market capitalization. Many enthusiasts and investors are currently pondering whether ETH could reach an all-time high of $4,891.70 in the aftermath of the halving.
Bitcoin halvings, which occur approximately every four years, have historically been a catalyst for significant growth in the overall cryptocurrency market. This event reduces the reward for mining new Bitcoin blocks by 50%, thereby reducing the supply of new Bitcoins in circulation.
Bitcoin price spikes are often caused by this decrease in supply and stable or increasing demand. This has had a positive impact on the broader crypto market, including altcoins like Ethereum.
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Changelly analysis predicts significant rise in ETH price
According to a recent analysis by Changelly, a prominent cryptocurrency data provider, Ethereum could reach $3,171.61 on April 21, 2024, just one day after the Bitcoin halving.
Additionally, Changelly’s long-term predictions for Ethereum are even more promising. According to the analysis, ETH could reach $4,964.07 by June 2025, surpassing its previous high and setting a new record for the cryptocurrency.
Additionally, Changelly also provided insight into Ethereum’s potential price trajectory in April 2024.
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Based on the observed price movements in early 2023, these experts predict that the average rate for ETH in April 2024 will be $3,139.16. They also have the lowest and highest price ranges for ETH at $3,088.52 and $3,189.79, respectively.
These predictions still point to the potential for significant upside for Ethereum next year. With the Bitcoin halving approaching and market sentiment remaining bullish, many believe ETH is well-positioned to benefit from the expected overall market growth.
