A cryptocurrency expert predicts that the value of Bitcoin, the leading digital currency, is expected to nearly double within the upcoming months.
Bitcoin Price Displays Rare Technical Pattern
Recently on X, formerly known as Twitter, crypto expert and Bitcoin fan ‘TechDev’ revealed an intriguing discovery about Bitcoin’s price trends. Using a clear price chart showcasing Bitcoin’s value fluctuations since 2011, TechDev highlighted a striking similarity in the cryptocurrency’s price changes during the years 2013, 2017, and 2022.
Based on the analysis, Bitcoin’s price ended the last two successive months above the upper limit of the Bollinger bands. The analyst shared that in the past, such occurrences have been followed by a doubling of Bitcoin’s price within three months from its current value.
According to TechDev’s examination of a seldom-used technical chart, there seems to be a corresponding pattern emerging for Bitcoin’s price in the year 2024. This observation implies a potential increase in Bitcoin’s value, potentially doubling it to around $140,000 by July 2024.
Currently, Bitcoin is priced at $69,740 during my writing process, marking a 0.57% rise over the previous 24 hours based on CoinMarketCap’s data. Notably, Bitcoin has experienced significant growth since the beginning of the year, surpassing new record highs before the predicted Bitcoin halving in April.
The rising trend of Bitcoin’s price has been attracting significant interest from the crypto world, and this new prediction further increases excitement and optimism about Bitcoin among investors.
Countdown To The Halving Event
Crypto expert and well-known analyst Ali Martinez is now only two weeks away from the long-awaited Bitcoin halving, which is scheduled for April 2024. Martinez expressed his positive outlook on this significant reduction of new Bitcoins entering circulation every four years, stating that the event was imminent.
In this stage, Bitcoin miners will see their reward for each block they mine get sliced by half. This means fewer new coins will be generated, leading to a smaller supply. Consequently, the scarcity might boost the value of Bitcoin.
According to Santiment’s analysis, there’s a good chance that the market’s current robust growth will persist until the upcoming halving event takes place.
In other words, Martinez warned that selling pressure could emerge in the current market if Bitcoin reached $70,190. He estimated approximately $33 million in liquidations on derivatives exchanges if Bitcoin hit this price point.
Additionally, the cryptocurrency expert observed an increase in sellers causing Bitcoin to drop beneath $70,000. He expects a bounce back to around $70,875 and estimates roughly $72 million worth of liquidations during this price fluctuation.
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2024-04-08 19:11