On a low-volatility Saturday, Bitcoin experienced a slight dip of 0.13%, attempting to hold steady above the $65,000 mark. This minor pullback appears to be a brief cooling-off period, allowing the price to consolidate above key support after a three-week rally fueled by favorable macroeconomic events and renewed inflows into Bitcoin ETFs. Is the bullish momentum strong enough to finally break the 7-month sideways trend and Mirror Nvidia’s 2024 rally?
Bitcoin Price Projection if It Matches Nvidia’s $3.2 Trillion Market Cap
The Bitcoin price has consolidated for the past seven months, creating a sideways trend in the crypto market. The lateral movement has plunged the BTC price 11%, down from the All time high of $73,750 to trade at $65,664. According to Coingecko, Bitcoin has a market cap of $1.297 Trillion, while the circulating supply currently stands at 19,760,059 BTC.
If Bitcoin consolidation leads to an upside breakout similar to Nvidia’s 2024 rally, what would BTC’s value be if it reached a market cap equivalent to $3.2 trillion?
To understand how Bitcoin price could react if it matched Nvidia’s peak, examining the correlation between market cap and price is essential. Assuming the BTC circulating supply remains unchanged at 19,760,059, a market cap surge to $3.2 trillion would propel Bitcoin price to approximately $161,917.
Could BTC Flag Pattern Mirror Nvidia’s 256% Surge?
Amid the surging demand for AI-related technologies, the Nvidia stock breached a six-month consolidation in early 2024. The post-breakout rally propelled the asset 256% up to a new high of $140.76 while boosting a market cap of $3.2 Trillion.
If the weekly charts are compared, the Bitcoin price prediction shows a similar consolidation of Nvidia stock formed before the exponential growth. In technical analysis, this temporary sideways trend shows a flag pattern. This chart setup allows the buyers to recuperate the bullish momentum before the next leap.
Thus, if the BTC price gives an upside breakout, a similar 200% growth would push the asset value to $160,000.
Conclusion:
With the institution’s investment in BTC ETFs and easing monetary policies in the broader market, the bitcoin price is poised to breach its 7-month consolidation. The potential breakout, if it were to follow the Nvidia peak to $3.2 Trillion, the BTC value should spike around $161,917.
Frequently Asked Questions (FAQs)
If Bitcoin’s market cap rises to $3.2 trillion and the circulating supply remains steady at 19,760,059 BTC, the price could reach approximately $161,917
Yes, if Bitcoin experiences an upside breakout similar to Nvidia’s 256% surge in 2024, a similar rally could push Bitcoin’s price to around $160,000
Bitcoin has been consolidating for the past seven months, showing an 11% decline from its all-time high of $73,750
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/heres-bitcoin-price-captures-nvidias-market-cap-3-2-trillion/
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