In the ever-evolving world of cryptocurrency, Marcel Knobloch, aka Collin Brown, a crypto expert has offered a bold solution. prediction for Bitcoin, and foresees a significant rally to unprecedented heights after the BTC halving event that will take place this month.
Bitcoin poised for massive growth after halving
According to Collin Brown, the fourth mining reward Halving for Bitcoin will happen in the next 48 hours. This event will reduce the current output of 6.25 BTC per block to 3.125 BTC per block.
Brown noted that Bitcoin witnessed a growth of over 700% after the last Halving, bringing the crypto asset to the previous all-time high of $69,000 achieved at the height of the 2021 bull cycle. Considering the impact of the Last halving, the crypto expert predicted that the coin would reach $455,000 if BTC were to mirror this pattern.
The message read:
In just forty-eight hours, Bitcoin’s fourth mining reward halving will take place. This quadrennial event will reduce the emission of BTC per block from the current 6.25 BTC to 3.125 BTC. After the last halving, Bitcoin prices rose 700%, which would now reach $455,000.
It is worth noting that since Bitcoin’s cryptic developer, Satoshi Nakamoto, which introduced the coin about 15 years ago, the halving is baked into the crypto program. This year’s event will occur when block 840,000 is created, which could increase the value of BTC by reducing its supply.
Historically, the three previous halvings have caused the price of digital assets to rise significantly, generating significant gains. Data shared by Brown shows that Bitcoin rose as much as 9,360% after the first halving, topping out at around $1,135 from $12.
However, it took the crypto asset around 371 days to reach the aforementioned figure after the halving. Moreover, the second halving, which took place in 2016, caused the price of Bitcoin to rise from $650 to $19,640, indicating an increase of more than 2,920%.
Meanwhile, the latest instance sparked a 700% rally, sending prices from $8,626 to the previous peak of $69,045. First of all, it took BTC more than 500 days in the previous two cycles to reach new records.
Given past trends, Brown’s prediction seems reasonable and possible. Should any of these trends happen again, the crypto expert’s prediction could manifest itself within the next year.
BTC on the other hand
Collin Brown remains optimistic despite Bitcoin showing signs of weakness to retest its new all-time high of $73,000. Since reaching its new peak in mid-March, the value of BTC has fallen by more than 10%.
Today the price is Bitcoin fell sharply, reaching a low of around $60,000 and reaching the lowest level since late February. At the time of writing, BTC was trading at $62,916, down more than 10% in the past week. Although trading volume has increased by more than 20%, the market capitalization has fallen slightly by 0.20% over the past day.
The decline in BTC price is believed to be caused by recent geopolitical tensions or global unrest. The conflict between Israel and Iran caused a major sell-off among investors, leading to a broader market decline.
Featured image from iStock, chart from Tradingview.com
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