Title: Bitcoin Halving Looms as Analyst Predicts Potential Price Surge to $1.8 Million

In just a matter of hours, Bitcoin is set to undergo its much-anticipated supply cut, known as the Bitcoin halving. This event has sparked fears of a potential collapse in the U.S. dollar, driving investors to seek the safety of cryptocurrencies. Despite recent struggles, with the price of Bitcoin experiencing fluctuations and concerns raised by Binance over iPhone hacks, one analyst predicts that the halving could catapult the Bitcoin price to nearly $1.8 million, giving the cryptocurrency a market capitalization of around $35 trillion.

The Bitcoin price has already surged by approximately 330% since hitting lows of $15,000 per Bitcoin in late 2022. However, it has faced challenges in recent weeks, even though expectations have grown that China could have a significant impact on the price of Bitcoin. Amid these circumstances, Binance's Bitcoin wallet issued a credible warning about potential iPhone hacks, raising further concerns among investors.

Now, a highly regarded analyst has shed light on the potential impact of the upcoming halving. The halving will reduce the daily supply of new Bitcoin from approximately 900 to 450. According to the countdown provided by NiceHash, this momentous event is now just hours away. This marks Bitcoin's fourth halving, following previous halvings in 2012, 2016, and 2020.

Noelle Acheson, a prominent Bitcoin analyst and author of the Crypto is Macro Now newsletter, cited Bloomberg data suggesting that if historical trends continue, Bitcoin could reach $450,000 within a year or $270,000 if the current cycle mirrors that of 2016. However, using Axios data, Acheson demonstrated that the Bitcoin price could potentially reach $350,000 based on the previous cycle or even reach $1.8 million, applying the performance of the 2016 cycle. These scenarios would result in Bitcoin commanding a market capitalization of $35 trillion.

Short-term market pressure is expected as supply and demand become temporarily imbalanced due to the halving. More investors are looking to capitalize on the potential gains, but as the price rises, it may deter new investors and restore balance. Duncan Ash, Head of Strategy at Coincover, predicts that the market will eventually stabilize, showing signs of increased users, a higher market capitalization, and greater liquidity in the mid to long term.

This halving is significant as it takes place outside the Federal Reserve's zero interest-rate period and follows the debut of Wall Street Bitcoin exchange-traded funds. Moreover, it comes after China expelled its Bitcoin miners in 2021. Despite speculation from analysts warning of a potential drop in the Bitcoin price post-halving, Jeff Hancock, CEO of Coinpass, believes that institutional interest and demand for Bitcoin solidify its status as a genuine asset class.

Bitcoin halvings will continue to occur approximately every four years until around 2140. Once the Bitcoin network ceases to produce new coins, miners will solely rely on transaction fees. Some protocols, such as ordinals, runes, and BRC-20, have already led to increased transaction fees in preparation for this change.

With the countdown to the halving ticking away, there remains little consensus regarding the immediate impact the supply cut will have on Bitcoin's price. While historical data suggests price surges following previous halvings, Andrew O'Neill, a crypto analyst at S&P Global, expresses skepticism regarding using past halvings for accurate price predictions.

All eyes are now on Bitcoin to see how it will fare in the coming weeks as the halving reshapes the cryptocurrency landscape.