In a bold forecast, one cryptocurrency analyst predicted that bitcoin/bitcoin-analyst-btc-cycle/” rel=”nofollow noopener” target=”_blank”>bitcoin (btc)The world's largest cryptocurrency is set to experience a massive 500% surge to $330,000. Considering how ambitious this price target is, the analyst bitcoin/bitcoin-bullish-momentum-above-bearish-trendline-is-60152-mark-within-reach/” rel=”nofollow noopener” target=”_blank”>bullish projection It has caught the attention of several members of the crypto community.
Analyst predicts bitcoin rally to $330,000
On July 10, Arsen Thagapsov, a cryptocurrency analyst, expressed bullish optimism for bitcoin-bull-run-ever-analyst/” rel=”nofollow noopener” target=”_blank”>Future prospects of bitcoinanticipating that the price of the cryptocurrency will rise to $330,000 in the bitcoin/bitcoin-analyst-btc-cycle/” rel=”nofollow noopener” target=”_blank”>Bullish cycle 2024. On your x (formerly twitter) x.com/satoshibaggins/status/1810986413435097412?s=46″ rel=”nofollow” target=”_blank”>mailThe analyst has based his ambitious forecast on a recurring pattern identified in bitcoin's historical price movements.
Sharing a price chart showing btc's bull cycles and their respective all-time highs, Thagapsov revealed that bitcoin has continuously seen significant price increases to reach new all-time highs after each four-year cycle. These cycles also coincide with bitcoin Halving Events, that occur every four years.
To demonstrate this point, the analyst outlined bitcoin-cycles/” rel=”nofollow noopener” target=”_blank”>Previous bitcoin bull cycles in 2012, 2016, and 2020. According to Thagapsov, in 2012, btc rose from a modest price of $12 to $1,000, marking an outstanding 9,000% increase in value.
Following this cycle, the cryptocurrency witnessed another massive price surge from $650 to $19,000 in 2016, highlighting a substantial 3,000% increase. In 2020, which marked one of the largest btc rallies ever recorded, despite the crypto-countdown-2-4b-in-bitcoin-and-ethereum-options-set-to-expire-market-volatility-ahead/” rel=”nofollow noopener” target=”_blank”>market volatility At that point, bitcoin jumped from $8,000 to a previous all-time high of $69,000, reflecting a massive 1,200% price increase.
Based on this recurring bullish trend, Thagapsov predicts that btc will experience a 450% price increase to $330,000 in the 2024 market cycle. Between each bitcoin-cycles/” rel=”nofollow noopener” target=”_blank”>four-year cycleThagapsov counted approximately 800 days before bitcoin/bitcoin-bull-run-economic-echoes-1930-1970-arthur-hayes/” rel=”nofollow noopener” target=”_blank”>bitcoin's bullish rallyAccording to its price chart, the market has already entered an uptrend and is slowly gaining momentum to potentially reach new all-time highs soon.
Update on btc Price
Despite Thagapsov's optimistic forecasts, bitcoin has been in a significant downward trendfacing substantial volatility and price drop amid the current market instability. While several analysts have bitcoin-to-200000-post-halving-skybridge/” rel=”nofollow noopener” target=”_blank”>foretold In this bullish cycle, btc has seen massive gains; in recent weeks, the cryptocurrency's price value has fallen below the $60,000 mark.
According to cryptocurrency analyst Ali Martinez, the cryptocurrency market is x.com/ali_charts/status/1811873061399908685?s=46″ rel=”nofollow” target=”_blank”>showing a sense of extreme fear, possibly attributed to the declining value of bitcoin and bitcoin-news/total-depletion-of-german-bitcoin-reserves-wallet-left-with-zero-btc/” rel=”nofollow noopener” target=”_blank”>large-scale liquidationsAt the time of writing, btc is trading at $58,041, marking a 14% price drop over the past month, according to CoinMarketCap.
While bitcoin's poor performance in June And July may have stirred some up, Martinez has x.com/ali_charts/status/1811418952255623633?s=46″ rel=”nofollow” target=”_blank”>revealed that the cryptocurrency's accumulation trend finally looks positive. The analyst x.com/ali_charts/status/1811418952255623633?s=46″ rel=”nofollow” target=”_blank”>indicated a notable shift in investor sentiment, highlighting that many investors are now actively accumulating btc after an extended period of distribution in April.
Featured image created with Dall.E, chart from Tradingview.com