Jimmy Song Says The Best Days Lie Ahead For Bitcoin Investors As BTC Tops $9.2K

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Jimmy Song Says The Best Days Lie Ahead For Bitcoin Investors As BTC Tops $9.2K
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The Bitcoin price surged past the significant $9k level again on Wednesday as traders remain optimistic about the price of the top cryptocurrency after the halving that is in five days.

The flagship cryptocurrency surpassed $9,200 after gaining approximately 3.7% on the day. This upward move has subsequently increased BTC’s year-to-date returns besides helping the crypto-asset recoup all the losses from the mid-March coronavirus-led market rout.

Meanwhile, bitcoin programmer Jimmy Song, who also doubles as a Bitcoin Core developer is of the opinion that the future looks even brighter for BTC holders.

Jimmy Song: The Best Days Are Ahead

Bitcoin is gaining upward momentum after failing to stay above $9,000 yesterday. Today, the bellwether cryptocurrency peaked at a high of $9,311 before retracing slightly below $9.3K. The cryptocurrency is trading at $9,229.63 at the time of publication. 

Well, it appears that the BTC price is about to move even higher in the coming days, at least according to Jimmy Song.

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Not long ago, Song posited that no-coiners would regret not purchasing BTC when it finally hits six figures. This time, he took to Twitter to motivate BTC investors. Although he did not give a ballpark figure, Song simply asserted that the best days for bitcoin holders lie ahead.

Should BTC Investors Expect A New All-Time High Soon?

With the forthcoming halving, the cryptocurrency community is generally bullish on BTC. As such, a full-fledged rally is expected days, weeks, or months after the rewards for miners are halved.

Some fundamental metrics suggest that it might not be long before bitcoin shoots to a new all-time high. A trader going by the moniker RookierXBT pointed out that BTC’s hash rate, bitcoin halving searches, and the bitcoin addresses holding at least 1 BTC are all at all-time highs, implying that the top cryptocurrency is likely to set a new high in just a matter of time.

After the halving on May 12, the bitcoins minted in a day will reduce from 1800 to 900. Based on supply/demand economics, this reduction is expected to catalyze a bullish impulse. This is mostly because BTC entered a parabolic advance after previous halvings in 2012 and 2016 that led to eye-popping returns for the coin.

Market experts like Pantera Capital’s Dan Morehead predict that bitcoin will surpass $100K by August next year. In a Medium post on May 4, Morehead opined that bitcoin price should rise after the supply is cut in half whilst everything else remains constant.

Morehead explained:

“The reduction in supply is only 40% as great as in 2016. If this relationship holds, that would imply about 40% as much price impulse — bitcoin would peak at $115,212 /BTC.[…] I realize that price may sound ludicrous to some today. […] Just sayin’ that there’s more than a 50–50 chance bitcoin goes up — and goes up big.”