- Bitcoin’s current trading patterns mimic those of previous pre-halving periods, which could signal an upcoming all-time high (ATH).
- Experts predict that Bitcoin could reach between $110,000 and $120,000 post the next halving in 2024, based on current price action trends.
Bitcoin (BTC), the pioneering decentralized finance (DeFi) asset, has been displaying patterns reminiscent of previous pre-halving periods, hinting at the arrival of the next all-time high (ATH). Despite the cryptocurrency’s sideways movement over the past week, a broader perspective reveals a familiar cyclic rhythm that could indicate future market behavior.
Pre-Halving Patterns: The Crystal Ball of Cryptocurrency?
Crypto market analyst Stockmoney Lizards, who unveiled these observations on July 25, emphasizes the correlation between Bitcoin’s current trajectory and its behavior ahead of the halving events in 2016 and 2020. These were periods that paved the way for significant bullish runs for Bitcoin. Current market trends suggest Bitcoin could enter a stronger upward stride at the conclusion of this pre-halving phase, possibly coinciding with the halving event anticipated around May 2024.
The crypto trading expert further suggests this pattern could trigger a new ATH for Bitcoin in 2025, potentially reaching or exceeding $110,000. These predictions derive from patterns seen in Bitcoin’s current price activity, implying the current price level could serve as a springboard for this monumental leap.
Interestingly, these projections mirror those predicted by Google’s artificial intelligence (AI) tool, Bard, and the stock-to-flow (S2F) model by crypto expert PlanB. British multinational bank Standard Chartered also lends credibility to this range, estimating Bitcoin’s price to hover between $100,000 and $120,000 in 2024.
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As of now, Bitcoin trades at $29,215, marking a 0.21% increase over the day, but showing a 2.73% decline over the past week and a drop of 3.90% from the previous month, as recorded on July 26.
As reported earlier by Finbold, Bitcoin has embarked on the final stage before its fourth halving, an event that will reduce the current mining reward for the proof-of-work (PoW) asset by half. Historically, such halving events have proven to be significant catalysts for Bitcoin’s price escalation. Whether history will repeat itself in this instance, only time will tell.
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