In a bold prediction, a crypto analyst has predicted that Bitcoin (BTC)the world’s largest cryptocurrency will see a massive 500% surge to $330,000. Given the ambition of this price target, the analyst bullish projection has caught the attention of various members of the crypto community.
Analyst Predicts Bitcoin Rise to $330,000
On July 10, crypto analyst Arsen Thagapsov expressed bullish optimism for Bitcoin Future Prospectspredicting that the price of the cryptocurrency would climb to $330,000 in the Bull cycle 2024. In his X (formerly Twitter) jobThe analyst based his ambitious forecast on a recurring pattern identified in Bitcoin’s historical price movements.
Sharing a price chart illustrating BTC bull cycles and their respective all-time highs, Thagapsov revealed that Bitcoin has continually seen significant price increases to new all-time highs after every four-year cycle. These cycles also coincide with Bitcoin Halving Events, which occur every four years.
To prove this point, the analyst pointed out Previous Bitcoin Bull Cycles in 2012, 2016 and 2020. According to Thagapsov, in 2012, BTC rose from a modest price of $12 to $1,000, marking an exceptional 9,000% increase in its value.
After this cycle, the cryptocurrency experienced another massive price rally, rising from $650 to $19,000 in 2016, with a substantial 3,000% increase. In 2020, which marked one of the largest BTC rallies on record, despite the Market volatility At the time, Bitcoin rose from $8,000 to a previous all-time high of $69,000, reflecting a massive price increase of 1,200%.
Based on this recurring bullish trend, Thagapsov predicts that BTC will experience a 450% price increase to $330,000 during the 2024 market cycle. Between each four-year cycleThagapsov counted about 800 days before a The Bitcoin Bull Run. According to its price chart, the market has already entered a bullish phase and is slowly gaining momentum to potentially reach new all-time highs soon.
Update on BTC Price
Despite Thagapsov’s optimistic forecast, Bitcoin is booming. major downward trendfaced with substantial volatility and price drop amid continued market instability. Although various analysts have predicted Despite massive rallies for BTC in this bull cycle, recent weeks have seen the cryptocurrency’s price value fall below the $60,000 mark.
According to crypto analyst Ali Martinez, the cryptocurrency market is display a sense of extreme fear, potentially attributed to the decline in the value of Bitcoin and large-scale liquidationsAt the time of writing, BTC is trading at $58,041, a 14% price drop over the past month, according to CoinMarketCap.
While Bitcoin’s Underperformance in June and July may have ruffled a few feathers, Martinez has revealed that the cryptocurrency’s accumulation trend score finally looks positive. The analyst identified a notable shift in investor sentiment, highlighting that many investors are now actively accumulating BTC after an extended period of distribution in April.
Featured image created with Dall.E, chart by Tradingview.com
