Then, you can use the Bitcoin halving event now completedAnalysts and experts in the BTC markets are focusing on a bull run that is expected based upon historical BTC trends. One crypto analyst, ecoinometrics (X), has said that the new cryptocurrency could reach a minimum of six figures in this current bull cycle.
What can Bitcoin rise to after the halving of its value?
The following are some of the ways to get in touch with us an X post on SaturdayEconometrics has made an optimistic prediction for the Bitcoin price after April’s fourth halving. The crypto analyst stated that if BTC produced a similar growth pattern seen in previous bull cycles, its market price would likely range between $140,000 – $4,500,000.
BTC price history shows that the Bitcoin bull’s cycle ends with a bull run in the month following the halving. The market leader has been known to make massive gains during this time, such as after the previous halvings of 2012 (7,592.30%), 2016, (1,818.8%), or 2020.
Bitcoin Price Range in Fourth Halving Cycle:
Maximum $4.500,000
lower bound ~ $140,000That is *if* Bitcoin ends up following a growth trajectory in the range of the previous cycles. pic.twitter.com/s93yldJEI0
— ecoinometrics (@ecoinometrics) April 20, 2024
Econometrics said that Bitcoin could trade at $ 4,500,000 a unit if it repeats this positive performance. Other speculators, however, have criticized this prediction. They believe that BTC is likely to experience a level of diminishing return in the near future. Such a price level is therefore unfeasible.
The econometrics responded that Bitcoin is currently operating similarly to “megacap tech stocks”The economic theories of have been defied by a number of companies. The analyst admitted that BTC may not reach $4,500,000, but he is confident it will be worth a six-figure amount.
Bitcoin Price Analysis
Bitcoin’s current price is $65,043. This represents a modest gain of just 2.21% in the past 24 hour. The daily volume of Bitcoin trading has dropped dramatically, by 52.88%, to $21.62 Billion, indicating a decrease in market activity.
Bitcoin also showed a fair amount of improvement over the last week, resulting in an overall gain of 1.86 percent. The monthly chart, however, shows a drop of 4.16% following some major price drops and massive liquidations The past week has been a busy one.
Bitcoin’s growth rate of 131.69% year to date is impressive on a large scale. With a market cap value of $1.28 trillion, the premier cryptocurrency remains the largest digital asset in the world.
BTC traded at $65,270.47 per day on the chart.| Source: BTCUSDT chart on Tradingiew.com
Featured Image from iStock Chart by Tradingview
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