Venture capitalist and billionaire investor Chamath Palihapitiya predicted: Bitcoin You can witness unprecedented price increases up to $500,000. This ambitious forecast hinges on the likelihood of the uptrend continuing. Bitcoin’s fourth halving, This happened on April 20, 2024.
Bitcoin surges to $500,000
Palihapitiya has entered a notable phase. Argument About the impact of historical halving cycles on Bitcoin value. The billionaire investor shared the following price analysis: Bitcoin performance Trend patterns following each halving event.
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According to Palihapitiya, historically Bitcoin has hit all-time highs after each halving. He highlighted the following correlation: Bitcoin Halving Events from 2012 to 2024It details cryptocurrency price movements for 1 month, 3 months, 6 months, 9 months, 12 months, and 18 months after the halving.
Palihapitiya noted that in the first three months following the Bitcoin halving event, investors are typically continuing to re-evaluate the event and its impact on the cryptocurrency market. However, he said that in the six to 18 months following the halving, Bitcoin’s price rose exponentially, reaching record highs. new all-time high.
“Bitcoin prices have increased significantly following each halving, with most gains realized between 12 and 18 months after the halving,” Palihapitiya wrote.
He stated that 18 months after Bitcoin’s first halving cycle, the price of the cryptocurrency increased 45 times. After the second halving, Bitcoin rose nearly 28 times, and after the third halving, it surged nearly 8 times.
Based on this half life patternPalihapitiya predicted Bitcoin’s future value to reach $500,000 by October 2025 and follow a similar trend to previous halving cycles.
BTC Could Replace Gold
In his discussion, Palihapitiya stated that by analyzing the average patterns of Bitcoin’s previous halving cycles, the cryptocurrency can achieve the following results: Potentially reaching peak 1.4 million dollars. He declared that Bitcoin is completely possible. replace gold Reaching such valuation levels highlights its potential to become a digital currency with trading utility against real assets.
Billionaire investors are based on the average of the second and third halving cycles. Bitcoin price likely to rise After the April halving, it rose to $99,643 in six months, $238,623 in nine months, $362,997 in 12 months, and nearly $500,000 in 18 months.
Palihapitiya also revealed several factors that could contribute to Bitcoin rising to $500,000. He said that it is increasing Demand for Spot Bitcoin Exchange Traded Funds (ETFs) This could have a major impact on Bitcoin’s value in 2024.
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Considering that the price of Bitcoin has continued to rise in early 2019, this prediction may have weight. Spot Bitcoin ETF Approved By the U.S. Securities and Exchange Commission (SEC). cryptocurrency The price exceeded $73,000. After the launch of the Spot Bitcoin ETF, it has officially reached a new all-time high for 2021 and beyond.
Featured image created with Dall.E, chart from Tradingview.com
Source: NewsBTC.com