In a recent analysis, Tarek On-Chain, an authorized analyst and on-chain author at CryptoQuant, has predicted a significant price revolution for Bitcoin (BTC) in the years 2024-2025, driven by the upcoming fourth halving scheduled for April this year. Drawing on historical data from previous halving events, Tarek outlines a compelling case for Bitcoin reaching unprecedented heights and surpassing the $69,000 mark.
The analyst begins by revisiting the historical performance of Bitcoin surrounding its previous three halving events. During the first halving in November 2012, Bitcoin was valued at a modest $2.48 a year before the event, experiencing a bullish surge to $12.20 at the halving and ultimately reaching a peak of $1,131 a year later.
The second halving saw Bitcoin fall to $269 before bouncing back to $650 at the time of the event. Over the next year, Bitcoin soared to an impressive $2,518. The third halving witnessed a drop to $7,255, a modest rise to $8,762 at the halving, and a substantial surge to $56,615 within a year.
According to Tarek, the current cycle indicates a potential bullish trend post the upcoming fourth halving in April 2024. Bitcoin’s value a year before this event, in April 2023, had risen to $31,000. This historical pattern suggests the likelihood of a substantial price increase lasting until April-August 2025, potentially exceeding the previous all-time high of $69,000.
Bitcoin Price Behavior
The key takeaway from the analysis is the remarkable consistency in Bitcoin’s price behavior around each halving. A gradual rise begins approximately a year before the halving, sustaining for 12-16 months post-halving, culminating in new peak values before entering a bearish phase. As of the latest update, the current price of Bitcoin stands at $40,535, reflecting a 1.21% increase in the last 24 hours but a 4.73% decrease in the last 30 days.
The anticipation of the fourth halving and the historical patterns outlined by Tarek have sparked increased interest and speculation among investors and enthusiasts alike. It is also one of the reasons why Bitcoin is ranked as one of the best crypto to buy now. For long-term investors, understanding these patterns becomes crucial.
The analyst advises that the peak for this cycle might occur between April and August 2025, suggesting a strategic approach of gradually exiting the market at that juncture. As the cryptocurrency market continues to evolve, analysts and investors will be closely monitoring Bitcoin’s trajectory to see if history indeed repeats itself in this anticipated price revolution.
Source: https://blockchainreporter.net/bitcoin-btc-aims-to-surpass-69000-post-fourth-halving-analyst-predicts/