Bitcoin price might soar 400% to $110,000 after next halving, says analyst

On the basis of the cryptocurrency’s performance and its upcoming halving event, a prominent cryptocurrency expert predicts that Bitcoin’s (BTC) price would increase by more than 400 percent over the next several years, reaching $110,000.

Kaleo, a pseudonymous cryptocurrency trader, offered his opinions on Bitcoin’s path to a new all-time high with his over 520,000 Twitter followers, stating that he anticipates BTC will move sideways until the end of the year. Until December Kaleo anticipates Bitcoin to trade between $16,000 and $30,000.

By the end of the year, he expects the price of cryptocurrencies to surpass their resistance level, ushering in “a few months of fast, overhyped growth in early 2023” that will not result in a new all-time high but might see BTC soar to about $50,000. The trader observed that this shift “should have an accompanying mini alt season.”

The subsequent 18 months leading up to the Bitcoin halving event in March 2024 should be characterised by a sideways market that will terminate as new altcoin storylines emerge and the non-fungible token market begins to gain traction.

By late 2024 or early 2025, the fictitious cryptocurrency analyst said, BTC would achieve a new all-time high in the six-figure range.

Bloomberg Intelligence analyst Mike McGlone indicated, as reported by CryptoGlobe, that he thinks Bitcoin may be on course for “one of the biggest bull markets in history,” or crypto might be a “failed experiment in the process of being rendered obsolete.”

According to McGlone, Bitcoin is approaching a “similar fall as the 2018 bottom,” which marked the conclusion of a year-long bear market that saw the price of the leading cryptocurrency drop from approximately $19,000 to $3,500. McGlone’s research was based on data from the Bloomberg Galaxy Crypto Index and the 50- and 100-week moving averages of the leading cryptocurrency.

Notably, Glassnode data indicates that BTC has been flowing out of exchanges at the “most aggressive pace in history,” with overall exchange outflows in June reaching a record high of 151,000 BTC, worth over $3 billion. A decrease in the number of cryptocurrencies available on exchanges might result in a price increase if demand unexpectedly increases.

Also Read: Bitcoin Regains $22,000 After Whales Buy The Dip