Crystal Ball Or Crazy Talk? Analyst Predicts Bitcoin To Hit $156,000 By May 2025
May 29 2024 - 6:12AM
NEWSBTC
The enigmatic world of Bitcoin continues to captivate investors
with its price fluctuations. However, a recent analysis by
Cryptorphic, a prominent crypto analyst, suggests the future might
be brighter than recent dips might indicate. Their prediction?
Bitcoin hitting a staggering $156,000 by May 27th, 2025. Related
Reading: Forget Fear, Embrace Greed? Bitcoin Soars As Sentiment
Turns Red Hot The Halving Effect: A Historical Catalyst
Cryptorphic’s prediction hinges on a historical phenomenon known as
the halving. Every four years, the number of Bitcoins rewarded for
mining new blocks is cut in half. This, in theory, reduces the
supply of new coins entering the market, potentially driving up the
price of existing ones. His analysis examines past halvings,
showcasing a fascinating trend. Following the first halving in
2012, Bitcoin’s price skyrocketed a mind-blowing 8,300%. The second
halving in 2016 saw a more modest but still impressive increase of
288%. The most recent halving in 2020 sparked a 540% surge within a
year. #Bitcoin could hit $156,000 by May 27 2025! These green boxes
represent the price action after #BTC halvings. We’ve never seen a
red year after a halving. Bitcoin halvings are significant events,
here are the percentages of Bitcoin’s price increase one year after
each halving… pic.twitter.com/QEmNN8OuP2 — Cryptorphic
(@Cryptorphic1) May 27, 2024 A Golden Ticket Or Fool’s Gold?
Following the fourth halving last April, Cryptorphic predicts a
potential price surge of nearly 130% by the following year. This
translates to a price tag of anywhere between $115,000 and
$156,000. Despite the bullish outlook, the analysis acknowledges
the current short-term volatility. Bitcoin is currently trading
below its peak, reflecting a recent 5% dip. However, Cryptorphic
identifies a technical indicator, the “inverse head and shoulders”
pattern, suggesting a potential breakout for the price. A Broader
Market View The analyst’s perspective doesn’t shy away from
presenting contrasting viewpoints. Others take a more nuanced
approach, expressing cautious optimism for the short-term
trajectory. They acknowledge the diminishing bearish scenarios and
believe the market might be in an earlier bullish phase compared to
Cryptorphic’s prediction. This suggests the potential for further
gains even before 2025, although both analysts emphasize the
importance of a measured approach to risk management. Related
Reading: Floki Floats 22% On Marketing Blitz, Aims For ‘World’s
Most Used Crypto’ Title Over the past year, Bitcoin has surged by
144%, demonstrating significant upward momentum. This impressive
performance has allowed it to outperform 58% of the top 100 crypto
assets, as well as surpass Ethereum in gains. Such a robust
increase underscores the asset’s strong market position and
investor confidence. Currently, the asset is trading above its
200-day simple moving average, indicating a sustained bullish
trend. Additionally, its high liquidity, supported by a substantial
market cap, further enhances its attractiveness to investors.
Featured image from Revolutionized, chart from TradingView
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