Last week was a quiet one for Bitcoin, as the US dollar continues to gain ground in the foreign exchange market. Price action, in particular, has had Bitcoin breaking below the $26,500 support, indicating a potential risk of more losses below the $26,000 support in the near term.
Some analysts, however, are still betting on a new Bitcoin bull run in the near future. According to crypto analyst “Titan of Crypto”, the Bitcoin price is poised for a huge surge over the next year that could see it double in value or more.
The crypto analyst, who goes by the X handle @Titan of Crypto, believes Bitcoin is poised for massive gains leading up to the next halving event in 2024 based on historical price patterns.
According to the analyst, Bitcoin’s price action has been consistent with the 78.60% Fibonacci retracement level in the months leading up to the three previous halving events in 2012, 2016, and 2020.
#Bitcoin $48,700 before Halving.
You might want to bookmark this one.
Never in history the halving occurred without #BTC reaching the 78.6% Fibonacci retracement level.
1st cycle, price reached it 4 months before halving.
2nd cycle, it was 2 months before.
3rd… pic.twitter.com/9Qc5RCteG5
— Titan of Crypto (@Washigorira) September 23, 2023
The price chart shared by @Titan of Crypto shows Bitcoin’s price had reached the 78.60% Fibonacci retracement level two months before the 2012 halving, two months before the 2016 halving, and 12 months before the 2020 halving.
Of course, past performance is no guarantee of future results. However, if history repeats itself, the price of Bitcoin could double from $26,130 to $48,700 based on the analyst’s prediction. A similar prediction from the analyst puts the next peak for Bitcoin’s current cycle at $108,000.
The Bitcoin halving, which cuts the block reward for miners in half, has been known to have a bullish effect on Bitcoin. A similar prediction by equity research firm Fundsrat to its clients predicted the next halving to have a bullish effect on the price of Bitcoin. While the next halving isn’t slated to occur until April 2024, analysts have predicted Bitcoin rising before then.
Another analyst who goes by the X handle @100trillionUSD also predicted a series of events before the next halving, with a Bitcoin price rise being one of them.
This checkbox has been marked, as Bitcoin has risen from $18,000 since the beginning of the year. According to him, the 2024 halving should meet Bitcoin at a price greater than $32,000 and a bull market will push Bitcoin above $100,000.
To be clear, I still stand by my January 12 prediction:
Nov 2022 $15.5k was the bottom
Bitcoin will rise towards 2024 halving. BTC already rose from $18k to $27k since Jan 12.
2024 halving will be >$32k ($32k-$66k IMO)
2025 bull market >$100k ($100k-$1m IMO) https://t.co/V74Y8VYCVo pic.twitter.com/VBjsHObMMl
— PlanB (@100trillionUSD) September 18, 2023
This bullish stance, however, is not shared by everyone. While the industry awaits the implication of the Fed’s recent decision on interest rates and its implication on the crypto market, analyst Nicholas Merten has warned of a potential $440 billion decline in overall crypto market capitalization.
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