A crypto analyst has drawn up a scenario in which the Bitcoin price could rise above $200,000 by June. This is based on a historical event that could happen again in the future BTC’s recent run above the previous all-time high (ATH).
How BTC Could Rise to $207,000 in June
The anonymous analyst behind the prominent crypto X account (formerly Twitter), Bitcoin Archive, alluded to to the Bull Run 2021 when the price of Bitcoin more than tripled in just 103 days after the price break ATH of the previous cycle. That means Bitcoin could reach $207,000 in June if history repeats itself.
Wearing the Bitcoin halving Keeping in mind, a tripling of Bitcoin’s price by June seems feasible. Bitcoin’s price has more than tripled 90 days after previous halving events. Considering Bitcoin surpassed its previous ATH even before this halving set to take place this time in April, the flagship crypto could also achieve this exponential price increase in record time.
This story is supported by the fact that Bitcoin’s demand continues to exceed its offeringand the supply will be further reduced when rewards for miners are halved. Although ambitious, a price increase of such magnitude cannot therefore be ruled out.
Moreover, says crypto analyst MacronautBTC already calculated how the price of Bitcoin could rise to $237,000 based on the imbalance between supply and demand. A BTC surge to $207,000 in June will undoubtedly defy expectations, with analysts like Anthony Scaramucci, CEO of Skybridge Capital, not expecting such a price increase until next year.
Scaramuci had predicted that Bitcoin would rise to $170,000 18 months after the Halving. Meanwhile, Tom Dunleavy, partner and Chief Investment Officer (CIO) at MV Capital, took a conservative stance when he said Bitcoin could rise to $100,000 this year.
What next for Bitcoin?
Bitcoin has cooled off after its rise to a new ATH of $69,000. As for the next step the flagship crypto could take, crypto analyst Satoshi Flipper suggested in a X message that Bitcoin could consolidate between $65,000 and $70,00 for a few weeks before breaking its ATH again.
This corresponds to Alex Thorn’s (Head of Research at Galaxy Digital) analysiswhere he noted that BTC could follow a similar path to December 2020. At that time, BTC reached its previous ATH of $20,000, after which it traded 11.3% lower over the next 15 days before “definitively” breaking its ATH.
At the time of writing, Bitcoin is trading around $66,000, up in the past 24 hours. facts from CoinMarketCap.
BTC price at $67,000 | Source: BTCUSD on Tradingview.com
Featured image from The Independent, chart from Tradingview.com
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