Michael Saylor, the founder of MicroStrategy, a leading business intelligence company, has indicated that there could be a significant increase in Bitcoin‘s price following the upcoming halving event. He made this suggestion based on how the market responded after the last halving occurred in 2020.
He also published a celebratory tweet once the halving finally happened.
Saylor points to clear correlation between BTC price and halving
The founder and ex-CEO of the noted business behemoth, currently leading its Bitcoin initiatives, indicated on X platform that he believes the price of Bitcoin will experience significant growth following the fourth Bitcoin halving event.
In 2020, Bitcoin experienced a major drop in price following the previous halving, reaching a low of $8,618 for his supporters. However, by November 2023, Bitcoin had hit a new record high of $69,000. Surprisingly, it then soared to an unprecedented peak price in March before undergoing its fourth halving event.
$BTC was $8,618 on the day of the last #BitcoinHalving.
— Michael Saylor⚡️ (@saylor) April 19, 2024
Currently, the price of Bitcoin is at $61,043. Over the past four years, Bitcoin has experienced significant volatility yet managed to grow roughly 800%. In the first part of 2024, Bitcoin saw a surge of around 40% according to venture capital investor and Bitcoin advocate Anthony Pompliano in his interview with CNBC.
Regarding Bitcoin’s competition in the physical form, gold, it has seen a rise of 11% over the last five years and approximately 7% this year alone. According to Pomp, individuals who have owned gold during that period have actually experienced a decrease in purchasing power. This finding from Pomp casts doubt on gold’s reputation as a protective asset for buying power.
Regarding Saylor, upon the long-awaited halving event that occurred today, he took to Twitter to express his joy with the message: “Reached 840,000 BTC locked in.”
Analyst Plan B makes bullish BTC prediction
Renowned market expert and Bitcoin stock-to-flow creator, Plan B, took to Twitter recently to express a positive outlook on the digital currency post-halving event.
According to his analysis based on the BTC halvings, insiders tend to buy Bitcoins in large quantities during the six months leading up to the halving event, driving up its price by approximately double. As per his stock-to-flow model, this price increase is evident within the first half year. However, over a longer time frame of 6 to 18 months post-halving, he anticipates a significant surge in Bitcoin’s price, around four times the current value.
Happy bitcoin halving! (stock-to-flow doubling):
– in the 6 months before the halving, insiders frontrun it: price 2x
– in the 6 months after the halving, miner revenue adjusts: price 2x
– 6-18m after the halving, the rest of the market rushes to get a piece of the pie: price 4x— PlanB (@100trillionUSD) April 19, 2024
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2024-04-20 11:13