A crypto analyst has predicted The price of bitcoin reach unprecedented levels before 2024 bitcoin Halving Event scheduled for April. The cryptocurrency has already seen significant gains, surpassing its previous all-time high operate above $70,000.
bitcoin's path to $200,000
In a recent post on X (formerly Twitter), cryptoanalyst Gert van Lagen provided a compelling narrative supporting bitcoin's bullish trajectory leading to halving event in April 2024.
Sharing a price chart that illustrates bitcoin-november-finale-seen-by-historical-numbers/” rel=”nofollow”>bitcoin's Recent Bullish Moves, Lagen revealed that the cryptocurrency doubled in value within 10, 18, and 84 days of rising to new all-time highs. As a result of this bitcoin-rally-already-over-hodlers-dont-think-so/” rel=”nofollow”>massive uptrendThe analyst confidently expressed his belief that a move to $200,000 ahead of the halving cycle in April is becoming more plausible.
Traditionally, the bitcoin halving marks an event in which the rewards for mining new blocks are halved, leading to a subsequent reduction in the supply of the cryptocurrency and contributing to a sustainable increase in its value. He prestigious four-year event It is usually accompanied by a significant bull run for bitcoin and other cryptocurrencies within the market.
Contrary to bitcoin-halving-a-key-role-in-price-discovery/” rel=”nofollow”>historical patterns Indicating that bitcoin's bull run generally aligns with the halving event, the cryptocurrency has been experiencing unprecedented gains in anticipation of the halving, leading analysts to consider the possibility of a even bigger price jump during the event.
The cryptocurrency's achievement of a new all-time high before the halving It comes as an extraordinary fact, underscoring the immense demand and growing popularity of bitcoin in the crypto space.
Including Lagen, other analysts have predicted bullish outcomes for bitcoin ahead of the halving event. According to cryptanalyst, “The bitcoin Therapist”, in X, bitcoin is expected will increase to $100,000 in April. Furthermore, a steady rise to new all-time highs of $75,000 is expected before the halving, as fixed by another crypto analyst.
bitcoin surpasses the $70,000 barrier
Following his previous increase to $70,000 On Friday, March 8, 2024, bitcoin found a minor setback, retreating to a level just above $69,000. However, in the last 24 hours, the cryptocurrency has recorded an unprecedented rise, accumulating approximately 2.68% and is currently trading above the price of $71,000, according to CoinMarketCap.
This price increase marks a historic milestone for the cryptocurrency as reaches an all-time high above $71,000 for the first time. Right now, bitcoin is trading around $71,312, experiencing major price fluctuations that have contributed to its recent gains. The cryptocurrency's 24-hour trading volume also increased by 82.80%, underscoring the growing demand and interest in the pioneering digital currency.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-bull-market-is-just-beginning-Analyst-warns-of-39huge" alt="Tradingview.com bitcoin Price Chart” width=”3286″ height=”1530″ loading=”lazy”/>
btc price at $71,581 | Source: BTCUSD on Tradingview.com
Featured image from Yahoo Finance, chart from Tradingview.com
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