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Bitcoin $200,000: A Matter of TimeThe 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
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by HexaTrades
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