In a bold prediction, the cryptocurrency analyst predicted that Bitcoins (BTC)the world’s largest cryptocurrency will see a massive 500% boost to $330,000. Given how ambitious that price target is, the analyst bullish projection has caught the attention of various members of the cryptocurrency community.
Analyst predicts bitcoin value to rise to $330,000
On July 10, Arsen Thagapsov, a cryptocurrency analyst, expressed bullish optimism about Bitcoin’s Future Prospectspredicting that the price of the cryptocurrency will rise to $330,000 in Bull Cycle 2024. In your X (formerly Twitter) fastingThe analyst based his ambitious forecast on a recurring pattern identified in historical bitcoin price fluctuations.
Sharing a price chart showing BTC’s bullish cycles and all-time highs, Thagapsov revealed that Bitcoin has consistently experienced significant price increases to fresh all-time highs after every four-year cycle. These cycles also coincide with Bitcoin halving events, which take place every four years.
To prove this point, the analyst presented Previous Bitcoin Up Cycles in 2012, 2016, and 2020. According to Thagapsov, in 2012, the price of BTC rose from a moderate amount of $ 12 to $ 1,000, which meant a remarkable boost in its value by 9,000%.
After this cycle, the cryptocurrency saw another massive price boost from $650 to $19,000 in 2016, which meant a significant boost of 3000%. In 2020, which marked one of the biggest increases for BTC in history, despite market volatility During this time, the price of Bitcoin rose from $8,000 to an all-time high of $69,000, which meant a massive 1,200% price boost.
Based on this recurring uptrend, Thagapsov predicts that the price of BTC will boost by 450% to $330,000 in the 2024 market cycle. Between each four-year cycleThagapsov counted about 800 days before Bitcoin bull market. Based on its price chart, the market has already entered an uptrend and is slowly gaining momentum to potentially reach fresh all-time highs soon.
Update on BTC Price
Despite Thagapsov’s confident forecasts, Bitcoin is at main downtrendencountering significant variability and price drop amidst the ongoing market volatility. While various analysts have Planned Amid BTC’s massive gains during this bull cycle, the cryptocurrency has seen its value fall below $60,000 in recent weeks.
According to cryptocurrency analyst Ali Martinez, the cryptocurrency market is display a feeling of extreme fear, potentially attributed to the decline in the value of Bitcoin and large-scale liquidationsAt the time of writing, BTC is trading at $58,041, a price decline of 14% over the past month, according to CoinMarketCap.
One sec Bitcoin’s delicate performance in June and July could be a bit irritating, Martinez has revealed that the outcome of the cryptocurrency accumulation trend is finally looking positive. Analyst precisely defined a noticeable change in investor sentiment, with many now actively accumulating BTC following an extended distribution period in April.
Featured image created with Dall.E, chart from Tradingview.com
