Bitcoin $200,000: A Matter of Time
Updated
The price of Bitcoin has historically exhibited an upward trend following each halving event. This phenomenon stems from a combination of factors, including a reduced supply of newly minted bitcoins, increased demand driven by scarcity, positive market sentiment surrounding the halving, and speculative buying fueled by anticipation of future price appreciation.
The price of Bitcoin began to rise significantly in the months leading up to the 3rd halving, which occurred on May 11, 2020. The price rose from around $5,000 in March 2020 to over $10,000 in May 2020. After the halving, the price of Bitcoin continued to rise, reaching a peak of over $68,000 in November 2021.
The fourth halving is estimated to occur in the second week of April 2024. The price of Bitcoin has been rising since the beginning of 2023, and I believe that it could reach $46,000 before halving and forming strong resistance for the next breakout. However, it is also possible that the price of Bitcoin could decline before the halving, as it did in the months leading up to the second and third halving in 2016 and 2020.
After the 4th halving, we can expect a significant upward movement in Bitcoin. Additionally, we can expect ETF approval after the halving, which could further impact the price of Bitcoin and drive it upwards to 200k.
Thanks
Hexa
The price of Bitcoin began to rise significantly in the months leading up to the 3rd halving, which occurred on May 11, 2020. The price rose from around $5,000 in March 2020 to over $10,000 in May 2020. After the halving, the price of Bitcoin continued to rise, reaching a peak of over $68,000 in November 2021.
The fourth halving is estimated to occur in the second week of April 2024. The price of Bitcoin has been rising since the beginning of 2023, and I believe that it could reach $46,000 before halving and forming strong resistance for the next breakout. However, it is also possible that the price of Bitcoin could decline before the halving, as it did in the months leading up to the second and third halving in 2016 and 2020.
After the 4th halving, we can expect a significant upward movement in Bitcoin. Additionally, we can expect ETF approval after the halving, which could further impact the price of Bitcoin and drive it upwards to 200k.
Thanks
Hexa
Note
Here is the expanded Bitcoin chart with a detailed analysis.
Note
We posted the following analysis when Bitcoin was trading at 16,700, which was its bottom. Bitcoin's price increased by 125%+ following our post.click the below chart for a detailed analysis.
Note
Bitcoin halving is a significant event on the Bitcoin network every four years. During this event, the block reward that miners receive for verifying transactions and adding new blocks to the blockchain is reduced by 50%. This means that the rate of new Bitcoin creation slows down, and the total supply of Bitcoin approaches its maximum limit of 21 million.
Bitcoin halving is a programmed event and is built into the Bitcoin protocol to ensure that the inflation rate of Bitcoin remains controlled and predictable. The reduced rate of new Bitcoin creation and the expectation of scarcity can increase the value of Bitcoin, which has historically led to an increase in the asset's price in the months leading up to a halving event.
Despite this, the market can be unpredictable, and the impact of halving Bitcoin's price is not guaranteed. However, the reduced supply of Bitcoin resulting from halving helps to maintain its value and ensure that it remains a finite and scarce asset.
The previous Bitcoin halving occurred on May 11, 2020, at a block height of 630,000. At that time, the block reward for miners was reduced from 12.5 BTC to 6.25 BTC per block. This was the third halving event in Bitcoin's history, following the first halving in November 2012 and the second halving in July 2016. The next Bitcoin halving is expected to occur in march 2024, at which point the block reward will be reduced from 6.25 BTC to 3.125 BTC per block.
After the first Bitcoin halving in November 2012, the price of Bitcoin increased by over 8,000% over the following year. After the second halving in July 2016, the price of Bitcoin increased by around 2,500% over the following 18 months. After the most recent halving event in May 2020, the price of Bitcoin initially experienced a slight drop but quickly recovered and went on to gain over 300% in value over the following year, reaching an all-time high of over $64,000 in April 2021.
Note
We are expecting a big correction before the Bitcoin halving.This could happen in January or February.
Note
BTC has reached our resistance line, so we can expect some correction from this point.Note
Bitcoin Price could touch 37K before halving.Note
The real bull run starts after the halving.Note
We are stepping into 2024, in the first quarter we may see some corrections, and the next three quarters are pure bull runs.Note
Update: ETF rejection fears triggered a sudden flash crash that liquidated around 600 million. Nonetheless, our analysis indicates we remain on track in the long term.Note
Bitcoin price could correct 15%-25% before halving.Note
almost 2 months left for bitcoin halving
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💬Telegram: t.me/hexatrades
🌐Website: hexatrades.io/
🗣️Twitter(X): twitter.com/HexaTrades
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