A crypto analyst predicted this Bitcoin’s price will rise to unprecedented heights in the run-up to 2024 Bitcoin halving event scheduled for April. The cryptocurrency has already made significant gains, surpassing the previous all-time high trading above $70,000.
Bitcoin’s path to $200,000
In a recent X (formerly Twitter) post, crypto analyst Gert van Lagen says as long as a compelling story in support of Bitcoin’s bullish trajectory leading up to the halving event in April 2024.
Sharing a price chart for illustration Bitcoin’s recent bullish moves, Lagen revealed that the cryptocurrency doubled in value within 10, 18 and 84 days after surging to new all-time highs. As a result of this huge rally trendthe analyst confidently expressed his belief that a move to $200,000 before the April halving cycle becomes more plausible.
Traditionally, Bitcoin’s halving marks an event where the rewards for mining new blocks are cut by half, leading to a subsequent reduction in the supply of the cryptocurrency and contributing to a sustainable increase in its value. The highly regarded four-year event is usually accompanied by a significant bull run for Bitcoin and other cryptocurrencies in the market.
Unlike historical patterns Indicating that Bitcoin’s bull run tends to align with the halving, the cryptocurrency has posted unprecedented gains ahead of the halving, leading analysts to consider the possibility of a halving. even bigger price jump during the event.
The realization of the cryptocurrency of a a new all-time high before the halving It is an extraordinary event that underlines the immense demand and growing popularity of Bitcoin in the crypto space.
Including Lagen, other analysts have predicted bullish outcomes for Bitcoin ahead of the halving. According to crypto analyst ‘The Bitcoin Therapist’ on X, Bitcoin is expected to rise to $100,000 in April. Moreover, a steady rise to new all-time highs of $75,000 is expected before the halving. declared by another crypto analyst.
Bitcoin breaks the $70,000 barrier
Following on from his previous one rise to $70,000 on Friday, March 8, 2024, Bitcoin came one minor setback, retreating to a level just above $69,000. However, according to CoinMarketCap, the cryptocurrency has seen an unprecedented rise in the past 24 hours, up around 2.68% and currently above $71,000.
This price increase marks a historic milestone for the cryptocurrency like this reaches an all-time high above $71,000 For the first time. Currently, Bitcoin is trading around $71,312, experiencing significant price swings that have contributed to its recent gains. The cryptocurrency’s 24-hour trading volume has also increased by 82.80%, underscoring the increasing demand and interest in the pioneering digital currency.
BTC price at $71,581 | Source: BTCUSD on Tradingview.com
Featured image from Yahoo Finance, chart from Tradingview.com
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.
