Bitcoin Tipped To Attain Six-Figure Value Following Fourth Halving – Details
21 April 2024 - 8:30PM
NEWSBTC
With the Bitcoin halving event now completed, analysts and market
experts turn their attention to a much-anticipated bull run based
on historical trends in the BTC market. In particular, a crypto
analyst with the X handle ecoinometrics has tipped the maiden
cryptocurrency to at least achieve a six-figure in the current bull
cycle. Related Reading: Battle For The Halving Block: Bitcoin Users
Spend Record $2.4 Million On Block 840,000 How High Can Bitcoin
Rise Post Halving? In an X post on Saturday, econometrics
shared a strong bullish prediction of Bitcoin price following the
fourth halving event on April 19. The crypto analyst stated that
if BTC produced a similar growth pattern seen in previous
bull cycles, its market price would likely range between $140,000 –
$4,500,000. For context, the bull run, which forms the latter
part of the Bitcoin bull cycle, occurs in the months following the
halving event, according to BTC’s price history. During this
period, the market leader is known to record massive price gains,
as seen after previous halvings in 2012 (7,592.30%), 2016
(1,818.8%), and 2020. Price range for Bitcoin in the 4th halving
cycle: upper bound ~ $4,500,000 lower bound ~ $140,000 That is *if*
Bitcoin ends up following a growth trajectory in the range of the
previous cycles. pic.twitter.com/s93yldJEI0 — ecoinometrics
(@ecoinometrics) April 20, 2024 Econometrics stated 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 BTC will likely soon experience some level of
diminishing returns. Thus, such a high price level seems
unfeasible. In response, econometrics stated that Bitcoin currently
operates similarly to “megacap tech stocks”, which have shown
notable defiance to this economic theory. However, the analyst
acknowledged that $4,500,000 may be an unrealistic price target for
BTC, but there is much confidence that the digital asset will
achieve a mid-six-figure value. Related Reading: Polkadot Unveils
Major Upgrade Plan: Relay Chain Replacement And 10M DOT Prize
Incentive Bitcoin Price Overview Bitcoin is currently trading at
$65,043, with a modest 2.21% gain over the last 24 hours. However,
its daily trading volume has declined massively, falling by 52.88%
to a substantial $21.62 billion, underscoring decreased market
activity and investor interest. Over the past week, Bitcoin
has also shown fair improvement resulting in a total gain of 1.86%.
However, despite these recent gains, the monthly chart reflects a
decline of 4.16%, following some significant price dips and massive
liquidations in the past week. On a larger scale, Bitcoin
remains quite impressive, with its year-to-date growth percentage
of 131.69%. With a market cap value of $1.28 trillion, the
premier cryptocurrency remains the largest digital asset in the
world. BTC trading at $65,270.47 on the daily chart | Source:
BTCUSDT chart on Tradingiew.com Featured image from iStock, chart
from Tradingview
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