Now that Bitcoin’s halving has been completed, analysts and market experts are turning their attention to a long-awaited bull run based on historical trends in the BTC market. In particular, a crypto analyst using X-handle ecoinometry has tipped the first cryptocurrency to achieve at least a six-figure value in the current bull cycle.
How High Can Bitcoin Rise After the Halving?
In an X-post on SaturdayEconometrics shared a strong bullish prediction of the Bitcoin price after the fourth halving on April 19. The crypto analyst stated that if BTC were to produce a similar growth pattern as in previous bull cycles, its market price would likely be between $140,000 and $4,500,000.
For context, the bull run, which constitutes the final part of the Bitcoin bull cycle, occurs in the months following the halving, according to BTC price history. The market leader is known to make huge price gains during this period, as evidenced by previous halvings in 2012 (7,592.30%), 2016 (1,818.8%) and 2020.
Price range for Bitcoin in the 4th halving cycle:
upper limit ~$4,500,000
lower limit ~$140,000That is *if* Bitcoin ultimately follows a growth trajectory close to previous cycles. pic.twitter.com/s93yldJEI0
— econometrics (@ecoinometry) April 20, 2024
Econometrics stated that a repeat of such positive performance could see Bitcoin trading up to $4,500,000 per unit. However, other speculators have attacked this prediction, believing that BTC will likely experience some degree of diminishing returns soon. Such a high price level therefore seems unattainable.
In response, econometricians posited that Bitcoin currently functions similarly to “megacap tech stocks,” which is noticeably at odds with this economic theory. However, the analyst acknowledged that $4,500,000 may be an unrealistic price target for BTC, but there is a lot of confidence that the digital asset will reach a value in the mid-six figures.
Bitcoin price overview
Bitcoin is currently trading at $65,043, with a modest gain of 2.21% over the past 24 hours. However, daily trading volume has declined dramatically, down 52.88% to a significant $21.62 billion, underscoring reduced market activity and investor interest.
Over the past week, Bitcoin has also shown reasonable improvement, resulting in a total gain of 1.86%. However, despite these recent gains, the monthly chart reflects a decline of 4.16%, following some significant price drops and massive liquidations over the past week.
On a larger scale, Bitcoin remains quite impressive, with a growth rate of 131.69% this year. With a market cap value of $1.28 trillion, the flagship cryptocurrency remains the largest digital asset in the world.
BTC trading at $65,270.47 on the daily chart | Source: BTCUSDT chart on Tradingiew.com
Featured image from iStock, chart from Tradingview
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