PiChain Ghana

History says bitcoin price will hit ‘$100K and beyond’ in weeks, per analyst

If the market cycle repeats, bitcoin could see a six-figure price surge before the April halving event.

Analyzing the price impact of bitcoin’s previous halving event in 2016, crypto market analyst George Tung projected a similar impact ahead of April’s halving that could drive a six-figure price for the first time in bitcoin’s history.

“We’re following the same pattern as we have seen before,” Tung said in the video above. “If this repeats what happened in a previous cycle, that means that pre-halving rally will push us to about $100,000 and beyond … by April, right around the halving event.”

Perspective: The bitcoin halving, which instantly cuts the new bitcoin issued to miners in half, is a key dynamic in bitcoin’s supply cap and therefore its value proposition. Previous halvings have generated price gains and with bitcoin hitting an all-time price high shortly before the upcoming event there’s no telling where the market is headed next.

Every single time after the halving event, bitcoin starts rising up in a big, big way,” Tung added. “It’s as if people have set a schedule of their buying to come right after the halving event.”

More details: Tung also took a look at bitcoin accumulation data as the price surged back up past $70,000 this week, noting that large investors are leading the way as the amount of bitcoin on popular crypto exchange Coinbase has been dropping.

Source: thestreet.com

Join our telegram channel for more information and strategies into financial freedom: https://t.me/pichainmall_Gh


Disclaimer: This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.


READ MORE

Leave a Comment

Your email address will not be published. Required fields are marked *