Last week was a quiet one for Bitcoin, as the US dollar continues to gain ground in the foreign exchange market. Price action, in particular, has had Bitcoin <\/span>breaking below the<\/span><\/a> $26,500 support, indicating a potential risk of more losses below the $26,000 support in the near term.\u00a0<\/span><\/p>\n Some analysts, however, are still betting on a new Bitcoin bull run in the near future. According to crypto analyst \u201cTitan of Crypto\u201d, the Bitcoin price is poised for a huge surge over the next year that could see it double in value or more.\u00a0\u00a0<\/span><\/p>\n The crypto analyst, who goes by the X handle @Titan of Crypto, believes Bitcoin is poised for massive gains leading up to the next halving event in 2024 based on historical price patterns.\u00a0<\/span><\/p>\n According to the analyst, Bitcoin\u2019s price action has been consistent with the 78.60% Fibonacci retracement level in the months leading up to the three previous halving events in 2012, 2016, and 2020.<\/span><\/p>\n #Bitcoin<\/a> $48,700 before Halving. \ud83d\ude80\ud83d\ude80\ud83d\ude80<\/p>\n You might want to bookmark this one.<\/p>\n Never in history the halving occurred without #BTC<\/a> reaching the 78.6% Fibonacci retracement level.<\/p>\n \u25fd\ufe0f 1st cycle, price reached it 4 months before halving. \u2014 Titan of Crypto (@Washigorira) September 23, 2023<\/a><\/p>\n<\/blockquote>\n The price chart shared by @Titan of Crypto shows Bitcoin\u2019s price had reached the 78.60% Fibonacci retracement level two months before the 2012 halving, two months before the 2016 halving, and 12 months before the 2020 halving.\u00a0<\/span><\/p>\n Of course, past performance is no guarantee of future results. However, if history repeats itself, the price of Bitcoin could double from $26,130 to $48,700 based on the analyst\u2019s prediction. <\/span>A similar prediction<\/span><\/a> from the analyst puts the next peak for Bitcoin\u2019s current cycle at $108,000.<\/span><\/p>\n The Bitcoin halving, which cuts the block reward for miners in half, has been known to have a bullish effect on Bitcoin. <\/span>A similar prediction<\/span><\/a> by equity research firm Fundsrat to its clients predicted the next halving to have a bullish effect on the price of Bitcoin. While the next halving isn\u2019t slated to occur until April 2024, analysts have predicted Bitcoin rising before then.\u00a0<\/span><\/p>\n Another analyst who goes by the X handle @100trillionUSD also predicted a series of events before the next halving, with a Bitcoin price rise being one of them.<\/span><\/p>\n This checkbox has been marked, as Bitcoin has risen from $18,000 since the beginning of the year. According to him, the 2024 halving should meet Bitcoin at a price greater than $32,000 and a bull market will push Bitcoin above $100,000.\u00a0<\/span><\/p>\n To be clear, I still stand by my January 12 prediction:<\/p>\n \u2705 Nov 2022 $15.5k was the bottom \u2014 PlanB (@100trillionUSD) September 18, 2023<\/a><\/p>\n<\/blockquote>\n This bullish stance, however, is not shared by everyone. While the industry awaits the implication of the Fed\u2019s <\/span>recent decision<\/span><\/a> on interest rates and its implication on the crypto market, analyst Nicholas Merten has <\/span>warned <\/span><\/a>of a potential $440 billion decline in overall crypto market capitalization.\u00a0<\/span><\/p>\n Featured image from Unsplash, chart from Tradingview.com<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" Last week was a quiet one for Bitcoin, as the US dollar continues to gain ground in the foreign exchange market. Price action, in particular, has had Bitcoin breaking below the $26,500 support, indicating a potential risk of more losses below the $26,000 support in the near term.\u00a0 Some analysts, however, are still betting on […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-162349","post","type-post","status-publish","format-standard","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/162349","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=162349"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/162349\/revisions"}],"predecessor-version":[{"id":162351,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/162349\/revisions\/162351"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=162349"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=162349"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=162349"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Crypto Analyst Predicts 100% Bitcoin Price Increase<\/h2>\n
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\u25fd\ufe0f 2nd cycle, it was 2 months before.
\u25fd\ufe0f 3rd\u2026 pic.twitter.com\/9Qc5RCteG5<\/a><\/p>\n<\/p>\n
BTC price struggling to hold $26,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
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\u2705 Bitcoin will rise towards 2024 halving. BTC already rose from $18k to $27k since Jan 12.
\u2753 2024 halving will be >$32k ($32k-$66k IMO)
\u2753 2025 bull market >$100k ($100k-$1m IMO) https:\/\/t.co\/V74Y8VYCVo<\/a> pic.twitter.com\/VBjsHObMMl<\/a><\/p>\n