Chamath Palaihapitiya, a billionaire venture capitalist investor and billionaire himself, has forecasted that Bitcoin Price increases of up to $500,000 are possible. This forecast is based on the possibility of a bull market following Bitcoin’s fourth halving cycle, The event took place on 20 April 2024.
Bitcoin to Surge to $500,000
Palihapitiya entered the notable discussion The impact of previous halving cycle on Bitcoin’s value. The billionaire investor provided a detailed price analysis. Bitcoin’s performance Trend patterns after each half-event
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Palihapitiya claims that Bitcoin’s price has always reached new heights when the halving cycles have occurred. The correlation he highlighted was between Bitcoin’s halving events from 2012 to 2024Detailed analysis of the crypto’s prices one, three, six, nine, 12 and 18 month post-halving.
Palihapitiya said that investors usually reassess the impact of a Bitcoin halves event during the initial three months. He did reveal that Bitcoin’s price appreciated exponentially from six to 18 months following the halving. new all-time highs.
“Bitcoin price has increased materially following each halving, with the bulk of the returns realized between 12 months and 18 months after the halving event,” Palihapitiya wrote.
He revealed that Bitcoin’s value increased 45X 18 months after its first halves cycle. Bitcoin’s price increased by 45X after its second halving. It also grew nearly 28X following the third halving.
These halving patternsPalihapitiya projected Bitcoin’s future value at $500,000 by 2025. They expected it to follow the same trend as previous halves.
BTC Can Replace Gold
Palihapitiya said that he had analyzed the previous Bitcoin halving cycle patterns to determine how the currency could be affected. potentially surge to a peak He claimed that Bitcoin could be worth $1.4 million. Bitcoin can be completely replaced by Bitcoin, he said. replace gold If it achieves such high levels of appreciation and transactional utility, then its potential is to be a digital money with hard asset transactions.
The billionaire investors project based on averages from the second and third halves cycles. Bitcoin’s price to rise Six months later, in April of this year, it had halved to $99 643, and by the end of nine months was up to $238 623; in twelve months $362 997, while in 18 months nearly $500 000.
Palihapitiya revealed several other factors that may contribute to Bitcoin reaching $500,000. He said that Bitcoin is increasing in value. demand for Spot Bitcoin Exchange Traded Funds (ETFs) Could have a major impact on Bitcoin’s value in 2024.
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The prediction is believable, considering Bitcoin’s price increased steadily at the start of this year. approval of Spot Bitcoin ETFs The United States Securities and Exchange Commission is responsible for regulating the cryptocurrency. The crypto’s price exceeded $73,000 After the launch of Spot Bitcoin ETF marks a new high ever since 2021.
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Source: www.newsbtc.com