In a bold prediction, a crypto analyst predicted that Bitcoin (BTC)The world’s largest cryptocurrency is set to see a massive 500% surge to $330,000. Given how ambitious this price target is, the analyst expects bullish projection has caught the attention of several members of the crypto community.
Analyst Predicts Bitcoin Rally to $330,000
On July 10, Arsen Thagapsov, a crypto analyst, expressed his optimism about Bitcoin’s Future Prospectspredicting that the cryptocurrency’s price would rise to $330,000 in the future Bull Cycle 2024. In his X (formerly Twitter) afterThe analyst based his ambitious prediction on a recurring pattern in Bitcoin’s historical price movements.
Thagapsov shared a price chart showing BTC’s bull cycles and their respective all-time highs, revealing that Bitcoin has consistently experienced significant price increases to new all-time highs after every four-year cycle. These cycles also coincide with Bitcoin Halving Events, which take place every four years.
To prove this point, the analyst outlined Bitcoin’s Previous Bull Cycles in 2012, 2016, and 2020. According to Thagapsov, BTC rose from a modest price of $12 to $1,000 in 2012, marking a remarkable 9,000% increase in value.
After this cycle, the cryptocurrency saw another massive price surge in 2016 from $650 to $19,000, marking a significant spike of 3,000%. In 2020, which marked one of the biggest BTC rallies ever, despite the market volatility Bitcoin rose from $8,000 to an all-time high of $69,000 at the time, marking a massive 1,200% price increase.
Based on this recurring bullish trend, Thagapsov predicts that BTC will experience a 450% price increase to $330,000 in the 2024 market cycle. Between each four-year cycleThagapsov counted about 800 days before a Bitcoin boom. Based on its price chart, the market has already entered a bull run and is slowly gaining momentum to potentially reach new all-time highs soon.
Update to BTCs Price
Despite Thagapsov’s optimistic predictions, Bitcoin has entered a downward spiral. big downward trendthat are exposed to significant volatility and price drops amid continued market instability. Although several analysts predicted huge rallies for BTC in this bull cycle. In recent weeks, the cryptocurrency’s price has fallen below $60,000.
According to crypto analyst Ali Martinez, the crypto market is to display a feeling of extreme fear, possibly attributed to the declining value of Bitcoin and large-scale liquidationsAt the time of writing, BTC is trading at $58,041, marking a 14% price drop over the past month, according to CoinMarketCap.
While Bitcoin’s Underperformance in June and July may have ruffled some feathers, Martinez has revealed that the cryptocurrency’s accumulation trend score is finally looking positive. The analyst located a notable shift in investor sentiment, indicating that many investors are now actively accumulating BTC after an extended period of distribution in April.
Main image created with Dall.E, chart from Tradingview.com