Final week was a quiet one for Bitcoin, because the US greenback continues to achieve floor within the overseas alternate market. Value motion, particularly, has had Bitcoin breaking beneath the $26,500 help, indicating a possible danger of extra losses beneath the $26,000 help within the close to time period.
Some analysts, nevertheless, are nonetheless betting on a brand new Bitcoin bull run within the close to future. In response to crypto analyst “Titan of Crypto”, the Bitcoin worth is poised for an enormous surge over the subsequent yr that would see it double in worth or extra.
Crypto Analyst Predicts 100% Bitcoin Value Improve
The crypto analyst, who goes by the X deal with @Titan of Crypto, believes Bitcoin is poised for large beneficial properties main as much as the subsequent halving occasion in 2024 based mostly on historic worth patterns.
In response to the analyst, Bitcoin’s worth motion has been in line with the 78.60% Fibonacci retracement stage within the months main as much as the three earlier halving occasions in 2012, 2016, and 2020.
#Bitcoin $48,700 earlier than Halving. 🚀🚀🚀
You would possibly wish to bookmark this one.
By no means in historical past the halving occurred with out #BTC reaching the 78.6% Fibonacci retracement stage.
◽️ 1st cycle, worth reached it 4 months earlier than halving.
◽️ 2nd cycle, it was 2 months earlier than.
◽️ third… pic.twitter.com/9Qc5RCteG5
— Titan of Crypto (@Washigorira) September 23, 2023
The worth chart shared by @Titan of Crypto reveals Bitcoin’s worth had reached the 78.60% Fibonacci retracement stage two months earlier than the 2012 halving, two months earlier than the 2016 halving, and 12 months earlier than the 2020 halving.
In fact, previous efficiency isn’t any assure of future outcomes. Nevertheless, if historical past repeats itself, the worth of Bitcoin may double from $26,130 to $48,700 based mostly on the analyst’s prediction. A similar prediction from the analyst places the subsequent peak for Bitcoin’s present cycle at $108,000.
BTC worth struggling to carry $26,000 | Supply: BTCUSD on Tradingview.com
The Bitcoin halving, which cuts the block reward for miners in half, has been recognized to have a bullish impact on Bitcoin. An identical prediction by fairness analysis agency Fundsrat to its purchasers predicted the subsequent halving to have a bullish impact on the worth of Bitcoin. Whereas the subsequent halving isn’t slated to happen till April 2024, analysts have predicted Bitcoin rising earlier than then.
One other analyst who goes by the X deal with @100trillionUSD additionally predicted a sequence of occasions earlier than the subsequent halving, with a Bitcoin worth rise being one in every of them.
This checkbox has been marked, as Bitcoin has risen from $18,000 because the starting of the yr. In response to him, the 2024 halving ought to meet Bitcoin at a worth larger than $32,000 and a bull market will push Bitcoin above $100,000.
To be clear, I nonetheless stand by my January 12 prediction:
✅ Nov 2022 $15.5k was the underside
✅ Bitcoin will rise in the direction of 2024 halving. BTC already rose from $18k to $27k since Jan 12.
❓ 2024 halving can be >$32k ($32k-$66k IMO)
❓ 2025 bull market >$100k ($100k-$1m IMO) https://t.co/V74Y8VYCVo pic.twitter.com/VBjsHObMMl
— PlanB (@100trillionUSD) September 18, 2023
This bullish stance, nevertheless, shouldn’t be shared by everybody. Whereas the trade awaits the implication of the Fed’s recent decision on rates of interest and its implication on the crypto market, analyst Nicholas Merten has warned of a possible $440 billion decline in total crypto market capitalization.
Featured picture from Unsplash, chart from Tradingview.com