After the Bitcoin halving has taken place, there is growing excitement among market analysts and experts for a potential significant price increase in Bitcoin, as seen in previous market trends. Specifically, a well-known crypto analyst named X handle from ecoinometrics predicts that Bitcoin could reach at least six figures during this current bull market cycle.
How High Can Bitcoin Rise Post Halving?
On Saturday’s post on X, the econometrics expert expressed optimism about Bitcoin’s price after the fourth halving event on April 19. According to their analysis, if Bitcoin follows the trend from past bull markets, its value could fall between $140,000 and $4.5 million.
After a Bitcoin halving event, the following phase is referred to as a bull run. Based on past price trends, this period typically lasts for several months. Historically, the price of Bitcoin has surged significantly during this time, with gains amounting to 7,592.30% in 2012, 1,818.8% in 2016, and more recently, a notable increase also occurred in 2020.
Price range for Bitcoin in the 4th halving cycle:
upper bound ~ $4,500,000
lower bound ~ $140,000That is *if* Bitcoin ends up following a growth trajectory in the range of the previous cycles.
— ecoinometrics (@ecoinometrics) April 20, 2024
According to econometrics, if Bitcoin continues to perform exceptionally well, its value could reach up to $4.5 million per unit. However, some skeptics argue that such a price increase is unlikely due to the potential for decreasing returns in the Bitcoin market. Consequently, this seemingly astronomical price seems implausible.
In response, econometrics explained that Bitcoin behaves like “large tech company stocks” in defying economic principles at present. Yet, the analyst cautioned that a $4.5 million price for Bitcoin might be excessively high, but there’s strong belief that it will reach values in the millions.
Bitcoin Price Overview
The price of Bitcoin is presently at $65,043, marking a moderate increase of 2.21% over the past day. Yet, its daily trading volume has significantly dropped by approximately 52.88%, amounting to around $21.62 billion. This substantial decrease in volume suggests a lessening of market activity and investor engagement.
In the last seven days, Bitcoin has made noteworthy progress, leading to an overall increase of 1.86%. Yet, this positive trend is overshadowed by a 4.16% drop visible in the monthly chart. This decline came after some steep price drops and extensive sell-offs during the past week.
In terms of the bigger picture, Bitcoin continues to be noteworthy. Its year-to-date growth rate reaches an impressive 131.69%. With a market capitalization worth approximately $1.28 trillion, Bitcoin holds the title as the largest digital asset globally.
BTCUSDT chart on Tradingiew.com
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2024-04-21 13:34