Crypto Expert Reveals Why Bitcoin Can Rise To $400,000
February 29 2024 - 12:30PM
NEWSBTC
February was undoubtedly an amazing month for Bitcoin, with the
cryptocurrency going on a 39% surge to cross over $60,000. Notably,
price history has shown this is the second most profitable February
in the history of Bitcoin and the most profitable February in 11
years. Indeed, many market players have anticipated this
price surge to continue throughout 2024 as the next Bitcoin halving
approaches. According to an analysis from trading expert Peter
Brandt, the price of BTC is set to skyrocket to $400,000 after the
next halving. Crypto Expert Peter Brandt Predicts Bullish BTC Price
Points After Halving Bitcoin halvings, which slashes the mining
reward for miners into two, are known to trigger massive bull runs
before and after they are completed. Indeed, the pre-halving bull
run seems to have repeated itself, as Bitcoin has jumped over
multiple resistance levels since the beginning of January and is
now nearing its all-time high of $69,000, which it reached in
November 2021. Related Reading: Cardano Adoption Explodes: ADA
Price Ready To Reclaim $3.1 All-Time High? Brandt’s analysis is
majorly based on gains after past halvings as a percentage of gains
before halvings. Consequently, the analyst projected past price
behavior into the future after April’s halving is completed.
Per his analysis, BTC’S current cycle reached its low in November
2022 and is now at 75 bars (weekly bars). If the bull trend extends
75 bars after the next halving, a price high of $150,000 is
estimated to occur in early October 2025. Brandt’s analysis
also pointed out three different scenarios that occurred after the
last three halvings. After the first halving in 2012, Bitcoin went
on a 5x gain as a percentage of its pre-halving gains. If the same
were to happen after 2024’s halving, Bitcoin could reach
$275,000. Similarly, 2016’s halving saw Bitcoin going on an
8x gain of its pre-halving gains. If Bitcoin were to go on a
similar 8x route, it could reach as high as $400,000 before the
next market phase. Lastly, 2020’s halving produced a modest 2x
return of its pre-halving gains. A 2x repeat applied to a BTC price
of $50,000 would see the crypto reaching $100,000 at the end of the
current market phase. Bitcoin Set To Keep Shining At the time
of writing, Bitcoin is trading at $62,600, up by 21.25% in the past
seven days. From a technical perspective, Bitcoin looks prime to
continue on its bull run in the current market cycle with virtually
no resistance Related Reading: Here Are The Factors Driving The
Shiba Inu Recovery Above $0.00001 On-chain fundamentals point to
increased accumulation from traders. Data shows that even
short-term holding whales are now sitting on over $7.3 billion in
unrealized profit, but they still continue to hold. If this bullish
sentiment continues, we could see Bitcoin reaching a new all-time
high in March. BTC price holds above $62,000 | Source: BTCUSD on
Tradingview.com Featured image from Earth.Org, chart from
Tradingview.com
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