February was undoubtedly one great month for Bitcoin, with the cryptocurrency experiencing a 39% surge to surpass $60,000. Price history in particular has shown this to be the case second most profitable February in Bitcoin history and the most profitable February in 11 years.
Many market players have indeed done so anticipated this price increase will continue into 2024 as Bitcoin’s next halving approaches. According to a analysis According to trading expert Peter Brandt, the price of BTC will skyrocket to $400,000 after the next halving.
Crypto expert Peter Brandt predicts bullish BTC price points after halving
Bitcoin halvings, which cut the mining reward for miners in half, are known to cause massive bull runs before and after they are completed. Indeed, the pre-halving bull run appears to have repeated itself, as Bitcoin has breached multiple resistance levels since early January and is now approaching its all-time high of $69,000, which it reached in November 2021.
Brandt’s analysis is largely based on profits after previous halvings as a percentage of profits before halvings. Consequently, the analyst projected past price behavior into the future after the halving is completed in April.
According to his analysis, BTC’s current cycle bottomed out in November 2022 and is now at 75 bars (weekly bars). If the bull trend continues for another 75 bars after the next halving, a price high of $150,000 is estimated to occur in early October 2025.
Brandt’s analysis also pointed to three different scenarios that would occur after the last three halvings. After the first halving in 2012, Bitcoin posted a 5x gain as a percentage of pre-halving gains. If the same were to happen after the 2024 halving, Bitcoin could reach $275,000.
Similarly, the 2016 halving saw Bitcoin post an 8x gain over its pre-halving gain. If Bitcoin were to follow a similar 8x route, it could rise to $400,000 before the next market phase. Finally, the 2020 halving produced a modest return that was twice the pre-halving gain. A 2x iteration applied to a BTC price of $50,000 would result in the crypto reaching $100,000 by the end of the current market phase.
Bitcoin is ready to continue to shine
At the time of writing, Bitcoin is trading at $62,600, up 21.25% in the past seven days. From a technical perspectiveBitcoin looks good continuing his bull run in the current market cycle virtually without resistance
The on-chain fundamental data points to increased trader accumulation. Data shows that even whales held in short-term custody do so is now up over $7.3 billion in unrealized profits, but they are still holding strong. If this bullish sentiment continues, we could see Bitcoin reach a new all time high in March.
BTC price holds above $62,000 | Source: BTCUSD on Tradingview.com
Featured image from Earth.Org, chart from Tradingview.com
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