A crypto analyst has presented a scenario in which the bitcoin price could exceed $200,000 by June. This is based on a historical fact that could be repeated after bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>The recent btc run above its previous all-time high (ATH).
How btc could rise to $207,000 in June
The anonymous analyst behind the prominent X (formerly Twitter) crypto account, bitcoin Archive, alluded to toward bitcoin-bull-buyers-finally-break-even/” rel=”nofollow”>running of the bulls 2021 when the price of bitcoin tripled in just 103 days after breaking the bitcoin-dominance-highest-december/” rel=”nofollow”>ATH of the previous cycle. That means bitcoin could hit $207,000 in June if history repeats itself.
Having the bitcoin-bull-market-glassnode/” rel=”nofollow”>bitcoin Halving In this case, it seems feasible that the price of bitcoin will triple by June. bitcoin price has more than tripled 90 days after previous Halving events. Considering that bitcoin surpassed its previous ATH even before this Halving, which is bitcoin-bull-market-glassnode/” rel=”nofollow”>ready to be carried out In April, this time the flagship cryptocurrency could also achieve this exponential price increase in record time.
This narrative is supported by the fact that bitcoin demand keeps outbiddingand the supply will be reduced further when bitcoin-supply-shock-57-of-btc-hasnt-moved-2-years/” rel=”nofollow”>miner rewards They are cut in half. Therefore, although ambitious, a price increase of such magnitude cannot be ruled out.
Additionally, crypto analyst MacronautBTC already calculated how the price of bitcoin could rise to $237,000 based on the imbalance between supply and demand. btc's rise to $207,000 in June will certainly defy expectations, and analysts such as Skybridge Capital CEO Anthony Scaramucci do not expect such a price increase until next year.
let's fight had predicted that bitcoin would rise to $170,000 18 months after the halving event. Meanwhile, Tom Dunleavy, partner and chief investment officer (CIO) at MV Capital, took a conservative stance when he mentioned that bitcoin could rise to $100,000 this year.
What's next for bitcoin?
bitcoin has cooled after its rise to a bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>new ATH of $69,000. As for the next move the flagship cryptocurrency could make, crypto analyst Satoshi Flipper suggested in a x publication that bitcoin could consolidate between $65,000 and $70.00 for a few weeks before breaking its ATH again.
This aligns with crypto/” rel=”nofollow”>Alex Thorn (Head of Research at Galaxy Digital) analysiswhere he noted that btc could follow a similar path to December 2020. Back then, btc touched its previous ATH of $20,000, then traded 11.3% lower over the next 15 days before “definitely” breaking its ATH .
At the time of writing, bitcoin is trading at around $66,000, up in the last 24 hours, according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/03/Crypto-Analyst-uses-historical-data-to-show-when-Bitcoin-price" alt="Tradingview.com bitcoin Price Chart" width="3286" height="1530" loading="lazy"/>btc price at $67,000 | Source: BTCUSD on Tradingview.com
Featured image from The Independent, chart from Tradingview.com
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