As a seasoned analyst with over two decades of market experience under my belt, I’ve witnessed countless market cycles and have seen the rise and fall of many assets. However, the potential bull run that Bitcoin might be on the verge of experiencing could very well surpass anything I’ve ever encountered before.
On a relatively stable Saturday, Bitcoin saw a modest decline of 0.13%, trying to maintain its position above the $65,000 threshold. This temporary drop seems like a pause, giving the price a chance to consolidate following a three-week surge driven by positive macroeconomic developments and increased investments in Bitcoin ETFs. Could the bullish trend sustain enough to shatter the seven-month plateau and mirror Nvidia’s projected 2024 growth?
Bitcoin Price Projection if It Matches Nvidia’s $3.2 Trillion Market Cap
For approximately seven months now, the value of Bitcoin has been stabilizing, leading to a horizontal pattern in the cryptocurrency market. This sideways movement has caused the price of Bitcoin to decrease by around 11%, from its all-time high of $73,750 to its current trading price of $65,664, as reported by Coingecko. As of now, Bitcoin boasts a market capitalization of approximately $1.297 Trillion and has a circulating supply of 19,760,059 Bitcoins.
Suppose that the consolidation of Bitcoin results in an upward breakout comparable to Nvidia’s 2024 surge; then, considering a market capitalization equal to $3.2 trillion for Bitcoin, we can estimate its value as follows:
To predict how the price of Bitcoin might change if it reached Nvidia’s peak, analyzing the relationship between market value and price is crucial. If the number of circulating Bitcoins remains constant at 19,760,059, a significant increase in market capitalization to $3.2 trillion would cause Bitcoin’s price to potentially rise to around $161,917.
Could BTC Flag Pattern Mirror Nvidia’s 256% Surge?
In early 2024, as interest in AI technologies grew dramatically, Nvidia’s stock broke through a six-month plateau. This breakout sparked a significant rally that increased the stock price by 256% to an all-time high of $140.76. During this surge, the company’s market capitalization reached an impressive $3.2 Trillion.
Looking at the week-by-week price trends, Bitcoin’s prediction seems to mirror the consolidation phase Nvidia stock experienced prior to its rapid expansion. In terms of technical analysis, this brief sideways movement suggests a flag pattern. This particular chart setup offers buyers an opportunity to regain bullish momentum before another significant surge.
In other words, should the BTC price surge past its current level and show signs of an upward trend, it could potentially lead to a 200% increase in value, placing it at approximately $160,000 per asset.
Conclusion:
Due to the institution’s purchase of Bitcoin ETFs and a more relaxed monetary policy in the overall market, the price of Bitcoin could surge beyond its 7-month plateau. If this potential breakthrough mirrors the growth Nvidia experienced, reaching a market cap of $3.2 trillion, then the value of each Bitcoin might reach approximately $161,917.
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2024-09-28 20:55