AI Predicts +104% ORDI Price Surge After 2024 Bitcoin Halving

 Key takeaways

• Ordinals (ORDI) has skyrocketed +1,432% since September and is now the 63rd most valuable cryptocurrency by market capitalization
• ORDI represents Ordinals Protocol, a new method for inscribing Bitcoin Satoshis that has split opinion among crypto investors
• The ORDI price prediction algorithm expects the positive price action to continue, forecasting fresh all-time highs after the Bitcoin halving takes place

ORDI price prediction: AI predicts new all-time highs post-halving after some explosive price action in recent months

The current price of Ordinals (ORDI) is $42.96 after an explosive run that has seen the top-rated BRC-20 token climb +1,432% in the past 3 months. In the past day alone, ORDI has risen +33.44% to hit its current price.

ORDI was created using the Ordinals Protocol, which enables Satoshis (the smallest denomination of a Bitcoin, commonly referred to as Sats) to be inscribed with custom information such as messages and images. In essence, the Ordinals Protocol has enabled NFTs and custom BRC-20 tokens to be created on the Bitcoin blockchain.

After initially being created in early-2023 as a technical experiment on Bitcoin, ORDI has since enjoyed significant growth. The current market cap of ORDI is $903 million, making it the 63rd highest ranking cryptocurrency by market capitalization in addition to being the number one BRC-20 by the same metric.

The ORDI price prediction algorithm expects the rapid growth to continue heading into the new year. The Bitcoin halving event is set to take place in April 2024 — as the first and only protocol to enable custom tokens on Bitcoin, Ordinals looks set to benefit directly from the constricted supply and rising demand that follows the Bitcoin halving event. 

The algorithm has forecasted a +104% move up to $87.83 by January 2025, which is roughly 9 months post-halving. This would mark another new all-time high for ORDI after it entered price discovery during its most recent breakout.

Are Ordinals a revolutionary next step for Bitcoin, or are they simply clogging up blockspace?

Bitcoin (BTC) was designed to be a peer-to-peer payment system that removed the need to rely on any entity in order to execute transactions, including central banks and other financial institutions. The original vision for Bitcoin was laid out in its Genesis Block, which included a message that stated the following:

“The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”

The message was referring to the latest in a series of bank bailouts following the 2008 financial crisis. Satoshi Nakamoto created Bitcoin as a permanent solution to a traditional finance industry that had become increasingly problematic, not least for its power to print paper money and inflate currency value continually without any checks and balances.

Some hardline Bitcoiners argue that the introduction of Ordinals, Bitcoin NFTs, and BRC-20 tokens, represents a move away from the pure payment system that was laid out for Bitcoin in Satoshi Nakamoto’s whitepaper. Another common criticism is that Ordinals are crowding blockspace and making transaction fees much more expensive for Bitcoin users which could harm the rate of adoption.

To reinforce these claims, a Bitcoin user seeking to send $5.1 million worth of BTC towards the end of November 2023 had to pay $3 million in fees — roughly 60% of the total amount. The intended transaction of 139.42 BTC resulted in only 55.77 BTC reaching its destination, with the other 83.65 BTC being lost to the user in an event that represented the highest Bitcoin transaction fee ever recorded.

While some have accused Ordinals of clogging up blockspace and raising gas fees for Bitcoin users, others have highlighted the in-built qualities that make them a net benefit for the space. Ordinals expand the breadth of utility that can be found on Bitcoin and unlock new ways to send value over the blockchain, which could help to attract more users over time and serve a similar function to Ethereum, Solana, and other blockchain ecosystems.

if you use bitcoin

or ordinals

or brc20s

or counterparty

or ethereum(!)

or solana

or coinbase

or binance

or uniswap

or…

…then you’re a bitcoiner.

bitcoin is for everyone. happy 40k!

— Udi Wertheimer (@udiWertheimer) December 3, 2023

Price analysis: ORDI skyrockets 14x from September lows, could it be time for a reversal?

ORDI fell below $3 back in September following a multi-month downtrend from its $25 listing price. Since then, BTC has been buoyed by bullish sentiment regarding ETF applications and the wider crypto markets have enjoyed a significant period of upside.

ORDI has been the best performing asset in the crypto top 100 during this time. ORDI has risen a total of +1,432% in the past 3 months while the next-best gainer is Bittensor (TAO) coming in at +549%.

The most recent impulsive wave from ORDI has taken the cryptocurrency up +130% since 29th November. The move up to $42.96 means that ORDI now finds itself at the 2.618 Fibonacci level, which indicates that the token is possibly overextended. As well as this, ORDI is significantly above its moving averages and may have just hit the peak of the 5th wave in Elliot Wave theory, as can be seen in the chart below.

A price analysis of ORDI may suggest that a short-term trend reversal is likely, despite the long-term outlook being positive for the ORDI price prediction.

Chart via TradingView

The bottom line: Recent ORDI price action may be a precursor for 2024 after Bitcoin halving takes place

The upcoming Bitcoin halving is expected to provide a major bullish catalyst for the entire crypto markets, and for the first time in history, a new altcoin built on the Bitcoin blockchain could benefit from the rising demand.

ORDI is expected to benefit more directly than any other altcoin in the crypto markets, and its explosive price action in recent months could be a strong sign of the momentum it has heading into 2024.

The ORDI price prediction algorithm expects new all-time highs by Q1 2025 — roughly 9 months after the Bitcoin halving takes place. This prediction coincides with other altcoin ATHs that have been predicted by the algorithm in the same time frame, indicating just how impactful the Bitcoin halving event can be for investor sentiment about crypto prices.