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Home»BITCOIN NEWS»A huge price surge is expected in just 18 months.
BITCOIN NEWS

A huge price surge is expected in just 18 months.

By Crypto FlexsJune 4, 20243 Mins Read
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A huge price surge is expected in just 18 months.
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Bitcoin (BTC), the largest cryptocurrency on the market, recently reached the crucial $70,000 level, proving to be a significant obstacle to price consolidation in recent months.

Despite breaking the previous record and breaking the previous record. Best ever (ATH) was at $73,700 in March, while BTC experienced a 20% price correction to around $56,500 in early May. However, this correction marked the beginning of a new bullish momentum, with BTC currently trading at around $69,300.

While the price of Bitcoin has shown some volatility and lacks sustained bullish moves, venture capitalist and market expert Chamath Palihapitiya has provided an optimistic prediction about the future of the cryptocurrency.

Bitcoin price and halving analysis

From a recent episode of the All In PodcastPalihapitiya analyzed BTC’s historical patterns for halving events, which occur approximately every four years and reduce the block rewards provided to miners.

The venture capitalist said: bisectorTherefore, investors typically reassess prices and overall market conditions during the first three months. However, historically significant price increases have occurred within 6 to 18 months.

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To support his analysis, Palihapitiya cited previous halving events. To elaborate, the first halving occurred on November 28, 2012, reducing the block reward from 50 BTC to 25 BTC. At the time of the halving, the price of Bitcoin was $13, and peaked at $1,152 within a year.

The second halving occurred on July 16, 2016. block reward With 12.5 BTC. At the time, the price of Bitcoin was $664, and within a year it peaked at $17,760.

The most recent halving occurred on May 11, 2020, reducing the block reward to 6.25 BTC. During the halving, the price of Bitcoin was $9,734, reaching an all-time high of $69,000 within a year.

BTC price prediction for the next 18 months after the halving. source. All In Podcast, Chamath Palihapatiya

Based on these historical patterns and applying the average increments from previous halvings, Palihapitiya suggests that if Bitcoin continues to follow the performance of the last market cycle, it could soar to around $500,000 by October 2025, as seen in the chart above.

In particular, experts believe that with Bitcoin’s value rising to such levels, it has the potential to: replace gold It serves as a trading utility for fixed assets. This scenario, combined with concerns about a decline in the value of fiat currencies, presents an interesting opportunity for the future of Bitcoin.

BTC demand increasing?

Palihapitiya further claimed in the interview that demand for Bitcoin will increase as more countries adopt a dual currency approach and Bitcoin is recognized as a valuable asset alongside local currencies.

This change will only happen when people recognize the need for Bitcoin in their everyday transactions for goods and services and as a store of value for permanent assets.

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Overall, Palihapitiya’s Bitcoin analysis is as follows: historical patterns It provides an optimistic outlook for cryptocurrency prices following the halving event.

The possibility of Bitcoin reaching $500,000 by October 2025 and its growing recognition as a dual-currency asset alongside fiat currencies offers new prospects for investors and the broader cryptocurrency market.

Bitcoin
Looking at the daily chart, BTC price is showing an upward trend. Source: TradingView.com BTCUSD

Featured image of DALL-E, chart from TradingView.com

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