Last week was a quiet one for bitcoin as the US dollar continues to gain ground in the currency market. Price action, in particular, has been on bitcoin breaking below Support at $26,500, indicating a potential risk of further losses below the support at $26,000 in the near term.
Some analysts, however, continue to bet on a new bitcoin bull run in the near future. According to crypto analyst “Cryptocurrency Titan,” the price of bitcoin is poised for a huge surge over the next year that could double its value or more.
crypto analyst predicts a 100% increase in bitcoin price
The crypto analyst, who goes by the name crypto X @Titan, believes bitcoin is poised for massive gains ahead of the next halving event in 2024, based on historical price patterns.
According to the analyst, bitcoin price action has been consistent with the 78.60% Fibonacci retracement level in the months leading up to the three previous halving events in 2012, 2016, and 2020.
bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin $48,700 before the halving.
You might want to bookmark this one.
Never in history did the halving occur without btc?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#btc reaching the 78.6% Fibonacci retracement level.
1st cycle, the price reached it 4 months before halving.
2nd cycle, it was 2 months before.
3rd… pic.twitter.com/9Qc5RCteG5– Cryptocurrency titan (@Washigorira) September 23, 2023
The price chart shared by @Titan of crypto shows that bitcoin price had reached the 78.60% Fibonacci retracement level two months before the 2012 halving, two months before the 2016 halving, and 12 months before the halving of 2020.
Of course, past performance is no guarantee of future results. However, if history repeats itself, bitcoin price could double from $26,130 to $48,700 based on the analyst’s prediction. A similar prediction The analyst places the next peak of bitcoin‘s current cycle at $108,000.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/09/Bitcoin-Moves-Toward-Widespread-Legitimacy-Following-Shanghai-Court-Ruling" alt="Tradingview.com bitcoin Price Chart (btc Price Prediction)” width=”2884″ height=”1746″ loading=”lazy”/>
btc price struggling to hold $26,000 | Source: BTCUSD on Tradingview.com
The bitcoin halving, which halves the block reward for miners, is known to have a bullish effect on bitcoin. A similar prediction Equity research firm Fundsrat predicted to its clients that the upcoming halving would have a bullish effect on the price of bitcoin. While the next halving is not scheduled for April 2024, analysts have predicted that bitcoin will rise before then.
Another analyst who goes by the handle
This checkbox has been checked, as bitcoin has risen from $18,000 since the beginning of the year. According to him, the 2024 halving should see bitcoin reach a price above $32,000 and a bull market will push bitcoin above $100,000.
To be clear, I still stand by my prediction from January 12:
November 2022: 15.5 thousand dollars was the minimum
bitcoin will rise towards the 2024 halving. btc has already risen from $18 thousand to $27 thousand since January 12.
Halving in 2024 will be >$32k ($32k-$66k in my opinion)
2025 bull market >$100k ($100k-$1m in my opinion) https://t.co/V74Y8VYCVo pic.twitter.com/VBjsHObMMl— PlanB (@100 billion dollars) September 18, 2023
However, this bullish stance is not shared by everyone. As the industry awaits the implications of the Federal Reserve’s decision bitcoin-price/” rel=”nofollow”>recent decision about interest rates and their implication in the crypto market, analyst Nicholas Merten has crypto-guru-drops-shocking-alert/” rel=”nofollow”>warned of a possible $440 billion decline in the overall crypto market capitalization.
Featured image from Unsplash, chart from Tradingview.com