Bitcoin To $455,000: Expert Echoes Previous Halving Pattern

by

In the constantly changing landscape of cryptocurrencies, Marcel Knobloch, or Collin Brown as he is also known and recognized as an expert in this field, has boldly predicted a substantial increase in Bitcoin‘s value following the upcoming Halving event, which is set to occur this month.

Bitcoin Poised For Massive Growth Post-Halving

Collin Brown predicts that the Bitcoin mining reward will be reduced by half within the next two days, resulting in a new output of approximately 3.125 BTC per block instead of the current 6.25 BTC.

After the most recent Bitcoin Halving, the cryptocurrency experienced a remarkable increase of over 700%, reaching its previous peak price of $69,000 during the 2021 bull market. Based on the influence of the prior Halving event, the knowledgeable analyst anticipates that Bitcoin could potentially hit $455,000 if it repeats this growth trend.

The post read:

Within the next two days, Bitcoin will experience its fourth reward halving. This event happens every four years and reduces the amount of new bitcoins miners receive as a reward for each block from 6.25 to 3.125 bitcoins. Following the last halving, the price of Bitcoin rose by an impressive 700%, which would equate to approximately $455,000 at the current rate.

It is worth noting that since the cryptic developer of Bitcoin, Satoshi Nakamoto, introduced the coin about 15 years ago, the Halving has been ingrained in the crypto’s program. This year’s event will happen when block 840,000 is created, which might increase BTC’s value by reducing supply.

In the past, the three prior halvings have led to substantial price increases for the digital asset, resulting in impressive returns. According to Brown’s data, Bitcoin experienced a remarkable surge of 9,360% after its first halving event, reaching an all-time high of approximately $1,135 from its initial value of around $12.

After the Halving event in 2015, the crypto asset needed around 371 days to reach that mentioned amount. Notably, the price surge following the second Halving in 2016, which occurred at $650, resulted in a stunning rise to $19,640 – a remarkable increase of over 2,900%.

In the past, Bitcoin experienced a remarkable surge, increasing from $8,626 to its previous high of $69,045 – a gain of over seven times its initial price. Notably, it took Bitcoin approximately 500 days during the two preceding market cycles to achieve new record highs.

Based on historical patterns, Brown’s forecast seems plausible and could become a reality if those trends recur next year.

BTC On The Downside

Despite Bitcoin dipping below its recent record-breaking price of $73,000 and dropping over 10% since hitting that high in mid-March, Collin Brown remains hopeful.

Currently, Bitcoin experienced a significant decrease in value, dipping to approximately $60,000 – the lowest point since late February. At this moment, Bitcoin’s price is at $62,916, representing a decline of over 10% over the last week. The trading volume has risen by more than 20%, but its market capitalization has decreased by a slight 0.20% within the past day.

The price drop of Bitcoin can be attributed to recent geopolitical conflicts or global instability. For instance, the tensions between Israel and Iran have resulted in significant selling by investors, contributing to a larger market slump.

Read More

2024-04-18 18:04