As we get closer to the subsequent halving event, Bitcoin (BTC) may rise to over $110,000. BTC may soar after its new halving, predicts CryptoKaleo, one of the most reputable cryptocurrency analysts on Twitter. This could propel Bitcoin past the psychological barrier of $100,000 and to new highs.
Although Bitcoin briefly traded below $18,000 in June, the virtual currency may continue to rise in value over the next few years as it approaches another halving event. According to CryptoKaleo on Twitter, this halving event may cause BTC to reach $110,000.
The analyst believes that we may be in an accumulation phase in the base range between $16,000 and $30,000, as shown in the graph above. Before BTC breaks above the HTF diagonal resistance that has formed in recent months, this could last until December of this year.
It is important to note that the following halving event is also drawing near. In fact, in May 2024, the Bitcoin network is anticipated to reduce its issuance of new BTC to 3.125 BTC. As a result, there will be fewer BTC issued each day that can be traded on the market. The daily supply of Bitcoin will drop from 900 BTC to 450 BTC as demand for the cryptocurrency rises.
Additionally, according to CryptoKaleo, a few months of wildly exaggerated growth in early 2023 may not be sufficient for Bitcoin to reach an all-time high. According to the analyst, the virtual currency might trade for a few months at or near $50,000.
This price increase that Bitcoin might experience in 2023 may benefit various alternative cryptocurrencies in the cryptocurrency market, or “altcoins.” This rise in the value of various digital currencies may be advantageous to investors with diversified portfolios in the crypto space.
Regarding Bitcoin’s potential, the analyst said:
To be clear, I believe BTC does go higher than what this chart depicts (roughly $110K), but even if that’s all we see… That still represents a 5x+ increase from current prices in less than 2.5 years, lol. That’s actually quite good. possibly even just enough to beat inflation
These remarks come at a time when the price of one bitcoin is hovering around $21,600. The market may rise further after the largest cryptocurrency recently increased in price. Recently, there was a brief period of time when the price of Bitcoin surpassed $22,000. This represents a price increase from two days ago of almost 10%.
Whether Bitcoin can launch a new bull market in the upcoming days or if this is just a recovery that could drive prices lower in the upcoming weeks is the question at hand.
