BITCOIN Prediction in 2024 or 2025 - $105,900Looking at the daily chart, the rate at which Bitcoin has shot up is at an inclination of something around 60-70 degrees.
This could be bubble territory for downside to come. But NOT a crash.
There are two scenarios here.
1. Bitcoin rallies to $105,000 in 2024
If a rounding bottom is established with the price rallying above the neckline, the anticipation of the halving could lead to increased buying activity, pushing prices towards my projected target of $105,900.
Investors might see the halving as a bullish event, leading to accumulation before the event.
A Rounding Bottom is established and the price is above the neckline which will cause the share to rocket to $105,900 in 2024.
2. Bitcoin rallies to $105,000 in 2025
Should the price enter a consolidation phase post-halving, forming a cup and handle pattern, it could signal a bullish continuation.
This scenario might play out over a longer period, with the rally towards $105,900 occurring in 2025 as the market fully absorbs the halving's effects and adjusts to the reduced supply.
Regardless or as the idiots say irregardless... The charts are bullish and showing major upside to come.
With halving on the way, it makes sense why supply is low and demand is high, because people want more rewards with mining bitcoin compared to when the next Halving takes place.
SKIP THIS PART IF YOU KNOW HALVINGS
Halving in a Nutshell
Bitcoin halving is an event that occurs approximately every four years (or every 210,000 blocks mined), where the reward for mining new blocks is halved, meaning miners receive 50% fewer Bitcoins for verifying transactions.
This mechanism is built into Bitcoin's code to control inflation, reduce the supply of new Bitcoins, and ensure that the total supply of Bitcoin caps at 21 million.
First Halving - November 28, 2012:
The reward for mining a block was halved from 50 bitcoins to 25 bitcoins.
Second Halving - July 9, 2016:
The block reward was further reduced from 25 bitcoins to 12.5 bitcoins.
Third Halving - May 11, 2020:
The most recent halving reduced the block reward from 12.5 bitcoins to 6.25 bitcoins.
Fourth Halving - Expected in 2024:
The next halving is anticipated to occur in 2024, where the block reward will decrease from 6.25 bitcoins to 3.125 bitcoins.
Each halving event has historically been associated with increased interest in Bitcoin, price volatility, and speculation about the cryptocurrency's future.
While historical data and the scarcity principle support the bullish outlook post-halving, external factors such as regulatory changes, macroeconomic conditions, and technological advancements could influence Bitcoin's price movement.
This leads to price ascension. However, if the sellers don't sell - then the market becomes in a way illiquid for decent movements. This can signal a potential sign of fear for when you get that one big seller (money market, institution, or some billionaire) who offloads their Bitcoin which causes sheep mentality crashes.
But the crash will be short lived, as always, and the rally will take over.
So simple... Rounding Bottom - Bitcoin rallies above $105,000 in 2024.
Cup and Handle - Bitcoin rallies above R105,000 in 2025.
Thoughts?
