- Twitter Analyst Projects Bitcoin To Hit Never-before-seen Price Levels Post-Halving.
- Bitcoin could go as high as $200,000 in 2025 and then over $500,000 4 years later.
- The halving, which is expected in 2024, would not be the only bullish catalyst; the banking crisis is another.
- Cathie Wood and Balaji Srinivasan have already predicted that Bitcoin will hit $1 million.
Bitcoin has skyrocketed more than 60% in price so far in 2023, and some analysts already anticipate that the top cryptocurrency could rise much higher in the relatively near future.
A well-known Twitter analyst recently predicted that Bitcoin could reach a range of $200,000, and even surpass this record level in the next two years. Specifically, the analysis of the user identified as @filbfilb focuses on the halving, the scheduled 50% reduction event for the Bitcoin block reward.
Filbfilb, the co-founder of DecenTrader trading suite, shared his analysis in a blog post last week, detailing that there is a high probability that the flagship digital asset will reach never-before-seen price levels within 368 to 550 days after the next halving, which is expected to occur between March and June 2024.
The bullish price evolution would repeat a pattern seen previously after other halving events, including the previous one from three years ago. In 2020, Bitcoin shot up more than 84% in price six months after the halving, and nearly a year later, in November 2021, it hit a new record high of $69,000.
Bitcoin will conquer a new record after the halving
The analyst used mathematics to draw a curve on the Bitcoin graphs that would indicate what the estimated maximum price of the cryptocurrency could be. According to his model, the asset could reach a price of around USD $200,000 by 2025, shortly after the drawdown event, and subsequently, multiply its value above $500,000 in 2029.
This bullish rally would be followed by a bearish cycle that would mark a new price bottom for the cryptocurrency within 779 to 914 days after the halving, he added. Filbfilb summarized this idea in their analysis as follows:
By using Bitcoin Halving Days (where the inflation rate of new Bitcoins is halved); we can see Bitcoin peaking around 368-550 days after the halving and then bottoming out 779-914 days after the cycle.
Following the patterns seen in previous years, the analyst anticipates that a “double top” should occur in which Bitcoin would break above $200,000 twice. For his part, he calculated that the corresponding bear market low a year from now would center around $50,000, well above current prices of $28,000.
“By combining the expected halving dates and days for the peak and trough cycles along with extrapolated regression from the price data, it is possible to use this model to predict where the price of Bitcoin may reside at the peak and trough. of future cycles,” he pointed out.
Bullish catalysts and bold predictions
The optimistic forecast of the DecenTrader co-founder is not isolated. In fact, his analysis comes in response to the bold predictions of former Coinbase executive Balaji Srinivasan and ARK Invest CEO Cathie Wood, who have separately shared wildly bullish price projections for Bitcoin.
Srinivasan, a reputed tech entrepreneur, recently bet that Bitcoin will hit $1 million by the end of June as a result of the ongoing crisis in the banking sector. Wood, on the other hand, has already repeatedly provided a similar price projection for Bitcoin, albeit more in the long term (in a period of between 5 to 7 years).
Filbfilb seemed to agree with some of the views shared by Wood and Srinivasan, who believe that cryptocurrency could benefit from the turbulence in the traditional financial industry and the loss of confidence among users in the banking system. Beyond the halving, this scenario could also be a bullish price catalyst, the trio agrees.
The Twitter analyst mentioned other factors that could also prove beneficial. In line with the previous thesis, Bitcoin could increasingly position itself as a store of value asset capable of protecting against fiat inflation. At the same time, the broader global trend of society towards digitization is added, which could drive crypto adoption, he suggested.
Bitcoin already experienced a notable rally last month in the midst of the high-profile bank failures in the US, but its uptrend is still in play. The top cryptocurrency continues to hold well below its all-time highs and will need to first crawl back to the $30,000 mark before soaring to new heights.
Meanwhile, Filbfilb remains ‘cautious’ with a price projection of $180,000 for Bitcoin in the next bull cycle. “I’ll stick to that for now,” she concluded.
