Bitcoin To $455,000: Expert Echoes Previous Halving Pattern
April 18 2024 - 10:00AM
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In the ever-evolving world of cryptocurrency, Marcel Knobloch also
known as Collin Brown, a crypto expert has offered an audacious
prediction for Bitcoin, foreseeing a significant rally to
unprecedented heights post-BTC Halving event scheduled to take
happen this month. Bitcoin Poised For Massive Growth Post-Halving
According to Collin Brown, the fourth mining reward Halving for
Bitcoin will take place in the next 48 hours. This event will cut
down the current 6.25 BTC per block output to 3.125 BTC per block.
Related Reading: Bitcoin Halving Hysteria: Will History Repeat
Itself Or Are We Heading For A Market Meltdown? Brown noted that
following the last Halving event, Bitcoin witnessed over 700%
growth, bringing the crypto asset to its previous all-time high of
$69,000 achieved at the peak of the 2021 bull cycle. Given the
impact of the previous Halving, the crypto expert has predicted the
coin will reach $455,000 should BTC mirror this pattern. The post
read: In just forty-eight hours, Bitcoin’s fourth mining reward
halving will occur. This quadrennial occurrence will slash the
per-block emission of BTC to 3.125 BTC from the current 6.25 BTC.
After the last halving, Bitcoin prices surged 700%, which would now
bring $455,000. It is worth noting that since the cryptic developer
of Bitcoin, Satoshi Nakamoto, introduced the coin about 15 years
ago, the Halving has been ingrained in the crypto’s program. This
year’s event will happen when block 840,000 is created, which might
increase BTC’s value by reducing supply. Historically, the three
previous halvings have caused the price of the digital asset to
soar significantly, amassing substantial gains. Data shared by
Brown shows that following the first halving event, Bitcoin saw a
whopping 9,360% rise, topping out around $1,135 from $12. However,
it took the crypto asset approximately 371 days to reach the
aforementioned figure after the Halving. Furthermore, the second
halving, which occurred in 2016, drove Bitcoin’s price from $650 to
$19,640, indicating an over 2,920% increase. Meanwhile, the last
instance secured a 700% rally, taking prices from $8,626 to the
previous peak of $69,045. Primarily, it took BTC more than 500 days
in the preceding two cycles to reach new records. Considering the
past trends, Brown’s forecast appears to be reasonable and
possible. Should any of these trends reoccur, the crypto expert’s
prediction might manifest in the following year. BTC On The
Downside Collin Brown remains optimistic despite Bitcoin showing
signs of weakness to retest its new all-time high of $73,000. Since
reaching its new peak in mid-March, the value of BTC has plummeted
by over 10%. Related Reading: Bitcoin Drops As Iran Launches
Missile Attack On Israel – What We Know So Far Today, the price of
Bitcoin fell sharply, reaching a low of about $60,000 and reaching
its lowest level since late February. At the time of writing, BTC
was trading at $62,916, down more than 10% over the past week.
While its trading volume has increased by over 20%, its market cap
is slightly down by 0.20% in the last day. The decline in BTC’s
price is considered to be triggered by recent geopolitical tensions
or global turmoil. The conflict between Israel and Iran caused
major sell-offs among investors, leading to a broader market
downturn. Featured image from iStock, chart from Tradingview.com
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