With the Bitcoin Halving Event Is Now Over, analysts and market experts are turning their attention towards a highly anticipated bull run based on historical BTC market trends. Notably, a crypto analyst with ecoinometrics
How High Can Bitcoin Rise After a Halving?
In an X post on Saturdayeconometrics shared a strong bullish forecast for Bitcoin price after the fourth halving event on April 19. The crypto analyst said that if BTC produced a similar growth pattern as seen in previous bull cycles, its market price would likely range between $140,000 and $4,500,000.
As a reminder, the bull run, which is the last part of the Bitcoin bull cycle, occurs in the months following the halving event, according to BTC price history. During this period, the market leader is known to record massive price hikes, as evidenced by previous halvings in 2012 (7,592.30%), 2016 (1,818.8%), and 2020.
Bitcoin price range during the 4th halving cycle:
upper limit ~$4,500,000
lower limit ~$140,000That's *if* Bitcoin ends up following a growth trajectory within the range of previous cycles. pic.twitter.com/s93yldJEI0
– ecoinometrics (@ecoinometrics) April 20, 2024
Econometrics said a repeat of such positive performance could see Bitcoin trading reach $4,500,000 per unit. However, other speculators have attacked this prediction, believing that BTC will likely soon experience some level of diminishing returns. Such a high price level therefore seems unachievable.
In response, econometrics stated that Bitcoin currently functions similarly to “mega-cap tech stocks,” which have shown notable defiance of this economic theory. However, the analyst acknowledged that $4,500,000 might be an unrealistic price target for BTC, but it is very likely that the digital asset will reach a mid-six-figure value.
Bitcoin Price Overview
Bitcoin is currently trading at $65,043, with a modest gain of 2.21% over the past 24 hours. However, its daily trading volume declined significantly, falling by 52.88% to a substantial $21.62 billion, highlighting the decrease in market activity and investor interest.
Over the past week, Bitcoin has also shown marked improvement, resulting in a total gain of 1.86%. However, despite these recent gains, the monthly chart reflects a decline of 4.16%, following significant declines in prices and massive liquidations last week.
On a larger scale, Bitcoin remains quite impressive, with its year-to-date growth percentage of 131.69%. With a market capitalization of $1.28 trillion, the premier cryptocurrency remains the world's largest digital asset.
BTC trading at $65,270.47 on the daily chart | Source: BTCUSDT chart on Tradingiew.com
Featured image from iStock, chart from Tradingview
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold investments and, naturally, investing involves risks. You are advised to carry out your own research before making any investment decision. Use the information provided on this website entirely at your own risk.