Final week was a quiet one for Bitcoin, because the US greenback continues to realize floor within the overseas change market. Worth motion, particularly, has had Bitcoin breaking under the $26,500 assist, indicating a possible threat of extra losses under the $26,000 assist 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 line with crypto analyst “Titan of Crypto”, the Bitcoin worth is poised for an enormous surge over the following yr that would see it double in worth or extra.
Crypto Analyst Predicts 100% Bitcoin Worth Improve
The crypto analyst, who goes by the X deal with @Titan of Crypto, believes Bitcoin is poised for enormous positive factors main as much as the following halving occasion in 2024 based mostly on historic worth patterns.
In line with the analyst, Bitcoin’s worth motion has been per the 78.60% Fibonacci retracement degree 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 need to bookmark this one.
By no means in historical past the halving occurred with out #BTC reaching the 78.6% Fibonacci retracement degree.
◽️ 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 degree 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 is not any assure of future outcomes. Nonetheless, if historical past repeats itself, the worth of Bitcoin may double from $26,130 to $48,700 based mostly on the analyst’s prediction. An analogous prediction from the analyst places the following 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 analogous prediction by fairness analysis agency Fundsrat to its shoppers predicted the following halving to have a bullish impact on the worth of Bitcoin. Whereas the following 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 collection of occasions earlier than the following halving, with a Bitcoin worth rise being one in every of them.
This checkbox has been marked, as Bitcoin has risen from $18,000 for the reason that starting of the yr. In line with him, the 2024 halving ought to meet Bitcoin at a worth better 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 direction of 2024 halving. BTC already rose from $18k to $27k since Jan 12.
❓ 2024 halving will likely 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 business awaits the implication of the Fed’s latest resolution on rates of interest and its implication on the crypto market, analyst Nicholas Merten has warned of a possible $440 billion decline in general crypto market capitalization.
Featured picture from Unsplash, chart from Tradingview.com