Last week was a quiet week for Bitcoin as the US dollar continues to gain ground in the currency market. Bitcoin in particular has had price action break under the Support at $26,500, indicating a potential risk of more losses below the $26,000 support in the near term.
However, some analysts are still betting on another Bitcoin bull run in the near future. According to crypto analyst “Titan of Crypto,” the Bitcoin price is poised for a massive rise in the coming year, which could double its value or more.
Crypto Analyst Predicts 100% Bitcoin Price Rise
The crypto analyst, who goes by Crypto’s X-handle @Titan, believes Bitcoin is poised for huge gains ahead of the next halving in 2024, based on historical price patterns.
According to the analyst, Bitcoin’s price action was consistent with the Fibonacci retracement level of 78.60% in the months leading up to the three previous halving events in 2012, 2016 and 2020.
#Bitcoin $48,700 before halving. ????????????
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Never before in history has the halving occurred without it #BTC reaching the Fibonacci retracement level of 78.6%.
◽️ 1st cycle, price reached 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 Crypto’s @Titan shows that 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 does not guarantee future results. However, if history repeats itself, Bitcoin’s price could double from $26,130 to $48,700, based on the analyst’s prediction. A similar prediction According to the analyst, the next peak for Bitcoin’s current cycle is at $108,000.
BTC price struggling to hold $26,000 | Source: BTCUSD on Tradingview.com
Bitcoin halving, which halves the block reward for miners, is known to have a bullish effect on Bitcoin. A similar prediction predicted by stock research firm Fundsrat to its clients that the next halving would have a bullish effect on the price of Bitcoin. Although the next halving won’t happen until April 2024, analysts predict Bitcoin will rise before then.
Another analyst using the X handle @100 trillionUSD also predicted a series of events before the next halving, one of which was a Bitcoin price increase.
This box is checked 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 above $32,000 and a bull market will push Bitcoin above $100,000.
To be clear, I still stand by my prediction from January 12:
✅ November 2022 $15.5k was the low point
✅ Bitcoin will rise towards the halving in 2024. BTC has already risen from $18,000 to $27,000 since January 12.
❓ Halving in 2024 will be >$32k ($32k-$66k IMO)
❓ Bull Market 2025 >$100,000 ($100,000 – $1 million IMO) https://t.co/V74Y8VYCVo pic.twitter.com/VBjsHObMMl— PlanB (@100 trillionUSD) September 18, 2023
However, this bullish attitude is not shared by everyone. While the industry awaits the Fed’s implications recent decision on interest rates and their implications on the crypto market, analyst Nicholas Merten warned of a potential drop of $440 billion in the total cryptocurrency market capitalization.
Featured image from Unsplash, chart from Tradingview.com