Scott Melker, also known as the “Wolf Of All Streets,” has explained why the upcoming Bitcoin halving could push the price of the cryptocurrency to $240,000. Noting that in the last halving cycle, bitcoin’s price went from the $20,000 high to the $69,000 high, he stressed that it’s an appreciation of 250.86%. If a similar trend occurs, he said, “we’re looking at bitcoin around $240,000.”

Scott Melker Shares Bitcoin Price Outlook

Scott Melker, also known as the “Wolf of All Streets,” provided insights into the anticipated bitcoin halving event slated for April 2024 in an article published by The Street earlier this week. He also explained why the event could propel the bitcoin price to $240,000. Melker is a well-known trader, investor, writer, and host of the Wolf of All Streets podcast. In 2020, he won the Binance Influencer of the Year Award for North America.

“The bitcoin halving will occur when the number of blocks that are mined reaches 840,000 in April 2024, then the reward per block will decrease from 6.25 to 3.125 bitcoin,” Melker detailed. “This basically means that the new supply being issued is cut in half. It becomes twice as difficult for miners to make money mining bitcoin.”

The Wolf Of All Streets noted that in the last halving cycle, “you go from that $20,000 high all the way up to the $69,000 high, that’s an appreciation of 250.86%,” adding:

If we even take that next 250% and take it from that $69,000 (all-time bitcoin price) high into the next cycle, we’re looking at bitcoin around $240,000.

“I know it might seem like hyperbole to talk about bitcoin being $170,000 or $220,000 or even, one day, $1 million. But if it ain’t broke, don’t try to fix it. This cycle has worked in the past and until I see it not working in the future, I’m going to bet that we see bitcoin over $200,000,” Melker opined.

Many investors are optimistic that the halving will boost the price of bitcoin. Skybridge Capital founder Anthony Scaramucci expects the halving to push the price of BTC to $170,000. “If bitcoin’s at $45,000 on the halving, where it roughly is right now, it’ll be $170,000 by mid- to late 2025,” he said. Standard Chartered predicted earlier this month that BTC could hit $200,000 next year. Meanwhile, venture capitalist Tim Draper recently doubled down on his BTC prediction, expecting the price of bitcoin to reach $250,000 this year. The billionaire also envisioned a moment when people don’t want the U.S. dollars anymore.

Do you think the price of bitcoin will hit $240,000 after the halving? Let us know in the comments section below.