Major Bull Run Expected To $500,000?
With Bitcoin’s market capitalization at a new all-time high of $1.451 Trillion, the bulls are taking an offensive stance well before the Halving. As the biggest cryptocurrency per market cap shows a remarkable reversal in late 2023 and continues in 2024, the bull market sustains dominance.
For this bull run, the general sentiment finds the growing inflows in the Bitcoin ETF as the major catalyst. However, the ongoing pullback ignores the ETF inflows as the profit booking starts. Further, the rising global tension with the terror attack on Moscow is threatening a downfall.
Nevertheless, the upcoming Bitcoin halving teases a bull run like always. With a historic record of igniting bull runs, the anticipations are high for the upcoming Halving. But how high will the Bitcoin price hit post-2024 Halving? Let’s take a closer look at the BTC price chart to find out the next big Bitcoin Price Prediction.
BTC Price Rally Reflects Bullish Dominance
With a rise of almost 300% from December 2022, Bitcoin’s bull run is starting early, well before the Halving year. After the successful recovery in 2023, the BTC price forms a rounding bottom reversal in the weekly chart.
Further, with the recent spike to the $73,000 mark, the Bitcoin price gives a bullish breakout to this trend continuation pattern. Currently, a bearish week is coming after a slump makes an evening star pattern.
However, to the optimistic eye, this pullback is a retest of the bullish breakout. Hence, the possibility of a bounce back is growing per the price action.
Further, the BTC price could hit a new all-time high with the upcoming BTC Halving Event. As per the Fibonacci levels, the uptrend could hit the 1.618% Fib level in the initial weeks of Bitcoin Halving. Hence, the BTC price is expected to scale close to almost $100,000.
However, from a longer perspective, let’s look at the logarithmic price chart of BTC.
Also Read: Bitcoin, Ethereum and XRP Price Prediction: Bulls Making A Comeback?
Bitcoin To Hit $500,000
As per the logarithmic Bitcoin price chart, the monthly timeframe showcases a rising channel in formation. Further, the ongoing reversal comes with a potential rounding bottom breakout.
Considering the uptrend shows a similar price movement as to the last Bitcoin Halving in 2025, the HODLers are in for a massive ride. While BTC witnessed the last bull run to achieve more than 800% rally in a year, a similar price jump could make the $100,000 target seem much smaller.
This is because the bull could potentially reach the overhead resistance in the rising channel and dominate the $500,000 mark. In other words, the logarithmic price chart teases a target of half a million.
Source link
