With the bitcoin halving event complete, analysts and market experts turn their attention to a highly anticipated bull run based on historical trends in the btc market. Notably, a crypto analyst with ecoinmetrics x Handle has tipped the inaugural cryptocurrency to reach at least six figures in the current bull cycle.
How high can bitcoin go after the halving?
In x.com/ecoinometrics/status/1781645938395939066″ target=”_blank” rel=”nofollow”>an x post on SaturdayEconometrics shared a strong bullish bitcoin price prediction following the fourth halving event on April 19. The crypto analyst stated that if btc were to produce a growth pattern similar to that seen in previous bull cycles, its market price would likely range between $140,000 and $4,500,000.
For context, the bull run, which forms the latter part of bitcoin's bull cycle, occurs in the months following the halving event, based on btc price history. During this period, the market leader is known to post massive price gains, as seen after previous halvings in 2012 (7,592.30%), 2016 (1,818.8%), and 2020.
<blockquote class="twitter-tweet”>
bitcoin Price Range in the Fourth Halving Cycle:
upper limit ~ $4,500,000
lower limit ~ $140,000
That is *if* bitcoin ends up following a growth trajectory in the range of previous cycles. pic.twitter.com/s93yldJEI0
– ecoinometrics (@ecoinometrics) twitter.com/ecoinometrics/status/1781645938395939066?ref_src=twsrc%5Etfw” rel=”nofollow”>April 20, 2024
Econometrics claimed that a repeat of such positive performance could see bitcoin trade as high as $4,500,000 per unit. However, other speculators have attacked this prediction, believing that btc will likely soon experience some level of diminishing returns. Therefore, such a high price level seems unviable.
In response, econometrics claimed that bitcoin currently operates similarly to “mega-cap tech stocks,” which have shown a notable challenge to this economic theory. However, the analyst acknowledged that $4,500,000 may be an unrealistic price target for btc, but there is a lot of confidence that the digital asset will reach a mid-six-figure value.
bitcoin Price Overview
bitcoin is currently trading at $65,043, with a modest 2.21% gain in the last 24 hours. However, its daily trading volume has greatly decreased, falling by 52.88% to a substantial $21.62 billion, underscoring the decline in market activity and investor interest.
Over the past week, bitcoin also showed considerable improvement, resulting in a total gain of 1.86%. However, despite these recent gains, the monthly chart reflects a drop of 4.16%, following some significant price drops and massive liquidations in the last week.
On a larger scale, bitcoin is still quite impressive, with its year-to-date growth percentage at 131.69%. With a market capitalization value of $1.28 trillion, the leading cryptocurrency remains the world's largest digital asset.
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x/E4FtBAGe/" alt="bitcoin" width="1479" height="893" loading="lazy"/>btc trading at $65,270.47 on the daily chart | Source: BTCUSDT chart on Tradingiew.com
Featured image from iStock, chart from Tradingview
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC's views on whether to buy, sell or hold investments, and investing naturally carries risks. It is recommended that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.
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