With the Bitcoin halving now complete, analysts and market experts are turning their attention to a highly anticipated bull run based on historical trends in the BTC market. Notably, a crypto analyst with the X-handle ecoinometrics has predicted that the first cryptocurrency in the current bull cycle will reach at least six figures.
How High Can Bitcoin Rise After Halving?
In an X post on Saturday, Econometrics shared a strongly bullish prediction for Bitcoin price after the fourth halving on April 19. The crypto analyst stated that if BTC exhibited a similar growth pattern to previous bull cycles, its market price would likely be between $5 and $10,000 – $4,500,000.
For comparison, the bull run, which forms the final part of the Bitcoin bull cycle, occurs in the months following the halving event, according to BTC's price history. The market leader is known to experience massive price increases during this period, as seen after previous halvings in 2012 (7,592.30%), 2016 (1,818.8%) and 2020.
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Bitcoin price range in the 4th halving cycle:
Cap ~$4,500,000
Lower limit ~$140,000
That is, *if* Bitcoin ends up following a growth path that is in the range of previous cycles. pic.twitter.com/s93yldJEI0
— Ecoinometrics (@ecoinometrics) April 20, 2024
Econometrics stated that a repeat of this positive development could see Bitcoin trading price as high as $4,500,000 per unit. However, other speculators have attacked this prediction and believe that BTC is likely to see some level of diminishing returns soon. Therefore, such a high price level does not seem feasible.
In response, econometrics stated that Bitcoin was currently functioning similarly to “megacap tech stocks,” which clearly contradicted this economic theory. However, the analyst admitted that $4,500,000 might be an unrealistic price target for BTC, but there is high confidence that the digital asset will reach mid-six figures.
Bitcoin price overview
Bitcoin is currently trading at $65,043, with a modest gain of 2.21% in the last 24 hours. However, daily trading volume has seen a massive decline, falling by 52.88% to a sizable $21.62 billion, highlighting lower market activity and investor interest.
Over the past week, Bitcoin has also shown significant improvement, resulting in a total gain of 1.86%. However, despite these recent gains, the monthly chart reflects a 4.16% decline following significant price declines and massive liquidations last week.
Overall, Bitcoin remains quite impressive with a year-to-date growth percentage of 131.69%. With a market capitalization of $1.28 trillion, the leading cryptocurrency remains the largest digital asset in the world.
BTC is trading at $65,270.47 on the daily chart | Source: BTCUSDT chart on Tradingiew.com
Featured image from iStock, chart from Tradingview
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