Huge Predictions Show Bitcoin Could Rocket Faster Than You Think After $2 Trillion Crypto And Ethereum Price Crash
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Bitcoin price has climbed back to over $20,000 per bitcoin, with ethereum and other top ten cryptocurrencies rising along with it, although they are all far from their all-time highs. Tesla billionaire and new owner of Twitter Elon Musk, meanwhile, has given a sudden boost to his favorite cryptocurrency.
Now, after Shark Tank star Kevin O’Leary issued a huge S&P 500 bitcoin and crypto prediction, new analysis has shown that the bitcoin price could return to all-time highs of over $60,000 sooner than previously thought.
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“Prices started rising 15 months before the next halving (November 2022) and they tend to close 39% from where they traded 24 months before. This would mean that bitcoin is trading around $63,160 (March 2022 to $45,538*(1+39%) = $63,160) by March 2024,” Markus Thielen, head of research and strategy at $10 billion asset manager and crypto firm Matrixport, wrote in a note seen by Coindesk.
The Bitcoin price prediction is based on historical price data ahead of the July 2016 and April 2020 bitcoin halvings, where the number of new bitcoin awarded to those who secure the bitcoin network and confirm transactions, known as miners, was halved.
Extrapolating that historical data shows that the bitcoin price could rise to just over $63.00 as soon as March 2024, up nearly 40% from the March 2022 price of just over $45,000.
A recent increase in bitcoin’s hash rate – a measure of the computing power directed at the bitcoin network by miners – has brought the next halving date forward to March 2024 from May 2024 previously. After the halving in 2024 – bitcoin’s fourth supply cut – miners will receive just over three bitcoins per block.
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Thielen also pointed to “signals that China is changing its stance on crypto,” after Russia changed “its stance in light of the economic sanctions,” and singled out Saudi Arabia as a third country that could turn to bitcoin, crypto, and the decentralized the blockchain. -based web3 as an “alternative to the US dollar system.”
Meanwhile, bitcoin, ethereum and crypto traders are looking for signs of support around $20,000.
“In the short term, bitcoin may still need to shrug off the stock market, but the level around $19,500 is likely to be a support for the price for two reasons,” Yuya Hasegawa, crypto market analyst at Bitbank, wrote in an email.
“First, bitcoin’s breakout from last week’s narrow range was accompanied by a significant increase in trading volume, which from a technical perspective is a reliable breakout. Second, as pointed out earlier this week, put option buyers of the $20,000 strike could lift spot bitcoin price below this level to secure profit.”