Bitrabo Editorial
A crypto analyst has set forth a bold prediction stating that Bitcoin (BTC), the leading cryptocurrency globally, will experience a monumental 500% increase reaching $330,000. This ambitious projection has drawn significant interest from various members of the crypto community.
Prediction of Bitcoin’s Price Surge
In a recent forecast on July 10, Arsen Thagapsov, a crypto analyst, shared optimistic sentiments regarding Bitcoin’s future, envisioning the cryptocurrency’s price climbing to $330,000 during the upcoming 2024 bull cycle. The analyst based his high-reaching forecast on a consistent pattern observed in Bitcoin’s historical price patterns.
Thagapsov presented a price chart illustrating Bitcoin’s previous bull cycles and their corresponding record highs, revealing that after each four-year cycle, Bitcoin has consistently observed substantial price surges to set new all-time highs, coinciding with the cryptocurrency’s halving events occurring every four years.
Examining Bitcoin’s historic bull cycles in 2012, 2016, and 2020, Thagapsov highlighted the remarkable price surges. For instance, in 2012, Bitcoin soared from $12 to $1,000, a phenomenal 9,000% increase in value.
Subsequently, in 2016, Bitcoin witnessed another substantial surge from $650 to $19,000 signifying a significant 3,000% spike. In 2020, amidst market volatility, Bitcoin escalated from $8,000 to an all-time high of $69,000, marking a massive 1,200% surge in price.
Anticipating the continuation of this bullish trend, Thagapsov forecasts a 450% surge in Bitcoin’s price to $330,000 within the 2024 market cycle. With an approximate 800-day interval between each four-year cycle, Thagapsov believes Bitcoin is already in a bull run trajectory poised to potentially achieve new record highs soon.
Bitcoin’s Current Price Status
Contrary to the optimistic projections, Bitcoin has recently witnessed significant price volatility and declines amidst ongoing market instability. Despite analysts foreseeing substantial rallies for Bitcoin in the current bull cycle, the cryptocurrency’s value has dropped below the $60,000 threshold in recent weeks.
According to crypto analyst Ali Martinez, the crypto market currently reflects extreme fear, potentially impacted by Bitcoin’s declining value and widespread liquidations. As of the latest data, Bitcoin is trading at $58,041, registering a 14% decline in price over the past month as per CoinMarketCap.
While Bitcoin’s performance in June and July has been lackluster, Martinez notes a positive shift in the cryptocurrency’s accumulation trend score. The analyst highlights a change in investor sentiment with a growing number actively accumulating Bitcoin after a prolonged distribution phase in April.