Last week was a quiet one for Bitcoin, because the US greenback continues to realize floor within the international alternate market. Price motion, specifically, has had Bitcoin breaking beneath the $26,500 assist, indicating a possible threat of extra losses beneath the $26,000 assist within the close to time period.
Some analysts, nonetheless, are nonetheless betting on a brand new Bitcoin bull run within the close to future. According to crypto analyst “Titan of Crypto”, the Bitcoin worth is poised for an enormous surge over the following 12 months that might see it double in worth or extra.
Crypto Analyst Predicts 100% Bitcoin Price Increase
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.
According to the analyst, Bitcoin’s worth motion has been in step 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 may need to bookmark this one.
Never 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 exhibits 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.
Of course, previous efficiency is not any assure of future outcomes. However, if historical past repeats itself, the worth of Bitcoin may double from $26,130 to $48,700 based mostly on the analyst’s prediction. The same prediction from the analyst places the following peak for Bitcoin’s present cycle at $108,000.
BTC worth struggling to carry $26,000 | Source: BTCUSD on Tradingview.com
The Bitcoin halving, which cuts the block reward for miners in half, has been identified to have a bullish impact on Bitcoin. The same prediction by fairness analysis agency Fundsrat to its shoppers predicted the following halving to have a bullish impact on the worth of Bitcoin. While the following halving isn’t slated to happen till April 2024, analysts have predicted Bitcoin rising earlier than then.
Another analyst who goes by the X deal with @100trillionUSD additionally predicted a sequence of occasions earlier than the following halving, with a Bitcoin worth rise being certainly one of them.
This checkbox has been marked, as Bitcoin has risen from $18,000 for the reason that starting of the 12 months. According to him, the 2024 halving ought to meet Bitcoin at a worth higher 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 might 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, nonetheless, is just not shared by everybody. While the business awaits the implication of the Fed’s current choice 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