The Bitcoin halving event is complete, and analysts and market experts are turning their attention to the long-awaited bull run based on historical trends in the BTC market. Notably, a crypto analyst with the handle X from Econometrics suggests that this maiden cryptocurrency will reach at least six digits in the current bullish cycle.
How high can Bitcoin rise after the halving?
In an X post on Saturday, Ecoinometrics shared a strong bullish prediction for Bitcoin price after the fourth halving event on April 19th. Cryptocurrency analysts said that if BTC produces a growth pattern similar to that seen in past bull cycles, its market price will likely be in the following range. $140,000 to $4.5 million.
For context, according to BTC price history, the bull market that forms the second half of Bitcoin's bull cycle occurs in the months following the halving event. The market leader is known to record significant price increases during this period, as seen after the previous halvings in 2012 (7,592.30%), 2016 (1,818.8%) and 2020.
Bitcoin price range during the fourth halving:
Upper limit ~ $4,500,000
Lower limit ~ $140,000That is if Bitcoin ultimately follows a growth trajectory within the range of previous cycles. pic.twitter.com/s93yldJEI0
— Ecoinometrics (@ecoinometrics) April 20, 2024
Ecoinometrics says that if this strong performance is repeated, Bitcoin could trade as high as $4,500,000 per unit. However, other speculators have attacked this prediction, believing that BTC is likely to experience some degree of diminishing returns soon. Therefore, such high price levels seem unfeasible.
In response, Ecoinometrics stated that Bitcoin is currently behaving similarly to “mega-cap tech stocks,” which exhibit a notable defiance of this economic theory. However, the analyst acknowledged that while $4.5 million may be an unrealistic price target for BTC, there is great confidence that the digital asset will achieve a mid-six-digit value.
Bitcoin price overview
Bitcoin is currently trading at $65,043, up just 2.21% in the past 24 hours. However, trading volume for the day declined significantly, dropping by 52.88% to a hefty $21.62 billion, highlighting the decline in market activity and investor interest.
Over the past week, Bitcoin has also shown considerable improvement, with a total gain of 1.86%. However, despite these recent gains, the monthly chart reflects a 4.16% decline following last week's significant price decline and large-scale liquidations.
On a larger scale, Bitcoin remains very impressive, with year-to-date growth of 131.69%. With a market capitalization of $1.28 trillion, the premier cryptocurrency remains the world's largest digital asset.
Featured images from iStock, charts from Tradingview
