In a bold prediction, a cryptocurrency analyst has predicted that Bitcoin (BTC)The world’s largest cryptocurrency will see a massive 500% surge to $330,000. Given how ambitious this price target is, the analyst expects Bitcoin to surge 500% to $330,000. bullish outlook It has caught the attention of many members of the crypto community.
Analyst expects Bitcoin price to rise to $330,000
On July 10, cryptocurrency analyst Arsen Tagapsov expressed his bullish optimism. Bitcoin Outlookexpecting the cryptocurrency to rise to $330,000 in Taurus cycle 2024. On his X account (formerly Twitter) mailThe analyst based his ambitious forecast on a recurring pattern identified in historical Bitcoin price movements.
Thagapsov shared a price chart depicting Bitcoin’s bull cycles and record highs, revealing that Bitcoin has consistently seen significant price increases to new record highs after each four-year cycle. These cycles also coincide with Bitcoin halving events, Which occurs every four years.
To prove this point, the analyst explained, Previous Bitcoin Bull Cycles In 2012, 2016, and 2020. According to Tagapsov, in 2012, Bitcoin rose from a modest price of $12 to $1,000, representing a staggering 9,000% increase in its value.
After this cycle, the cryptocurrency saw another massive price surge from $650 to $19,000 in 2016, highlighting a massive 3,000% rally. In 2020, which saw one of the biggest Bitcoin rallies ever recorded, despite Market volatility At that time, Bitcoin jumped from $8,000 to an all-time high of $69,000, reflecting a massive 1,200% price surge.
Based on this recurring upward trend, Thagapsov expects Bitcoin to see a 450% price increase to $330,000 in the 2024 market cycle. Between each Four year courseThagapsov counted nearly 800 days before Bitcoin price riseBased on its price chart, the market has already entered an uptrend and is slowly gaining momentum that is likely to reach new highs soon.
Update on Bitcoin price
Despite Thagapsov’s optimistic forecast, Bitcoin has been on an upward trend. Big downtrendfacing great fluctuations and prices drop In light of the ongoing market instability. While many analysts have pointed out that And expect Despite the massive gains Bitcoin has seen in this bull cycle, recent weeks have seen the cryptocurrency fall below the $60,000 level.
According to cryptocurrency analyst Ali Martinez, the cryptocurrency market an offer A feeling of extreme fear, which may be attributed to the decline in the value of Bitcoin and Large scale qualifiersAt the time of writing, BTC is trading at $58,041, representing a 14% price drop over the past month, according to CoinMarketCap.
while Bitcoin’s poor performance in June July may have irritated some, but Martinez open It seems that the cryptocurrency accumulation trend has finally turned positive. precisely defined A notable shift in investor sentiment, highlighting that many investors are now actively accumulating BTC after a long period of distribution in April.
Featured image created using Dall.E, chart from Tradingview.com