Billionaire venture capitalist and investor Chamath Palihapitiya predicted this Bitcoin It could see an unprecedented price increase to $500,000. These ambitious forecasts hinge on the possibility of a bullish wave coming next Bitcoin's fourth halving cycle It happened on April 20, 2024.
Bitcoin will rise to $500,000
Palihapitiya rose to prominence discussion Regarding the impact of historical halving cycles on the value of Bitcoin. The billionaire investor shared a price analysis explaining Bitcoin performance And trend patterns after each halving event.
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According to Palihapitiya, historically, Bitcoin has reached all-time highs after every halving cycle. He highlighted the relationship between Bitcoin halving events from 2012 to 2024details the cryptocurrency's price movements one month, three months, six months, nine months, 12 months, and 18 months after the halving.
Palihapitiya noted that during the first three months after a Bitcoin halving event, investors typically continue to reevaluate the event and its impact on the cryptocurrency market. However, he revealed that from 6 to 18 months after the halving, Bitcoin saw a massive price surge, which pushed it lower. New all-time highs.
“Bitcoin’s price has risen meaningfully after each halving, with the bulk of returns being achieved in the 12-18 months following the halving event,” Palihapitiya wrote.
He revealed that 18 months after Bitcoin's first halving cycle, the price of the cryptocurrency had increased by 45X. After the second halving cycle, Bitcoin rose approximately 28X, and after the third halving, it rose approximately 8X.
Based on these Half patternsPalihapitiya has predicted that the future value of Bitcoin will reach $500,000 by October 2025, and expects it to follow a similar trend to previous halving cycles.
BTC can replace gold
In his discussion, Palihapitiya revealed that by analyzing the average patterns of Bitcoin's previous halving cycles, the cryptocurrency can… Potentially reaching a peak Worth $1.4 million. Bitcoin can do just that, he declared Gold replacement If it reaches these levels of appreciation, it confirms its potential to become a digital currency with transactional utility for fixed assets.
Based on the averages of the second and third halving cycles, the billionaire investor is planning… Bitcoin price is rising to $99,643 six months after the April halving event, to $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's rise to $500,000. He stated that the increase Demand for Bitcoin Spot Trading Funds (ETFs) It could have a major impact on the value of Bitcoin in 2024.
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This prediction may carry weight given that Bitcoin saw a steady price increase at the beginning of the year after Approval of spot bitcoin ETFs By the US Securities and Exchange Commission (SEC). Cryptocurrency The price exceeded $73,000 After the launch of the Spot Bitcoin ETF, officially marking a new all-time high since 2021.
Featured image created with Dall.E, chart from Tradingview.com
