Mon, 8/04/2024 – 14:57
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The price of Bitcoin (BTC) returned to the $72,000 price mark after more than three weeks of trading below the price point. Drawing on the current rally, top market analyst Gert van Lagen has tipped the coin to soar to $220,000 before the next halving event.
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Bitcoin and its potential 11-day miracle
According to a projection from Gert van Lagen, Bitcoin has what it takes to jump as high as 204% from its current level to hit the $220,000 price target in 11 days to halving. While the volatility on the market supports this kind of growth, headwinds also lie ahead.
Bitcoin’s price is currently pegged at $72,103.52, up by 6.48% in the past 24 hours. Over the past month, the price of Bitcoin dropped as low as $61,540 as fear of massive Grayscale Bitcoin Trust (GBTC) outflows triggered bearish sentiment that forced many BTC HODLers to give up their assets for fear of incurring additional losses.
In his analysis, he partitioned the growth phase of Bitcoin into five major phases. He believes the coin is currently in the third phase. From here, he believes the coin might face a retracement before triggering its parabolic fourth and fifth growth phases.
On a bullish note, he said the current third phase might be the most bullish, with a vertical rally in the current blow-off phase.
Spot Bitcoin ETF: Complimentary catalyst
Though many analysts have bullish targets for the price of Bitcoin prior to halving cycles, the underlying fundamentals are notably similar, with deep roots in the spot Bitcoin ETF-triggered supply crunch.
Asset managers like BlackRock Inc., Fidelity Investments and Bitwise are sustaining their daily capital inflows. With most Bitcoin scooped off of crypto trading platforms, the BTC halving will reduce daily emissions to 450 coins, triggering an unprecedented increment movement in the price.