Bitcoin’s Potential: From Bull Run to $500K?

Bitcoin's Potential: From Bull Run to $500K?
With Bitcoin’s market capitalization reaching a new all-time high of $1.451 trillion, bullish sentiment is prevailing well before the Halving event. Despite a significant reversal in late 2023 and ongoing momentum in 2024, the bull market continues to dominate.

Many attribute the current bullish trend to growing inflows into Bitcoin ETFs. However, recent profit booking amidst a pullback seems to overshadow these inflows. Additionally, escalating global tensions following a terror attack in Moscow are posing threats to market stability.

Nevertheless, anticipation is building around the upcoming Bitcoin halving event, which historically triggers bull runs. The question remains: How high will Bitcoin’s price soar after the 2024 Halving? Let’s delve into the BTC price chart for insights into the next significant price prediction.

BTC Price Rally Indicates Bullish Trend

Bitcoin’s price has surged by nearly 300% since December 2022, signaling the start of a bull run well ahead of the Halving. Following a successful recovery in 2023, the BTC price forms a rounding bottom reversal pattern on the weekly chart.

Moreover, the recent spike to $73,000 marks a bullish breakout from this trend continuation pattern. Although a bearish week has ensued with the formation of an evening star pattern, some optimists view this pullback as a retest of the bullish breakout, hinting at potential for a bounce-back.

Looking ahead, the BTC price could reach a new all-time high post the upcoming Halving event. According to Fibonacci levels, the uptrend could target the 1.618% Fib level in the initial weeks following the event, potentially propelling the BTC price close to $100,000.

However, for a longer-term perspective, let’s turn to the logarithmic price chart of BTC.

Bitcoin’s Potential to Reach $500,000

Analysis of the logarithmic Bitcoin price chart on a monthly timeframe reveals the formation of a rising channel. The ongoing reversal suggests a possible breakout from a rounding bottom pattern.

Comparing the current uptrend with the price movement preceding the last Bitcoin Halving in 2025, long-term investors anticipate significant gains. While the previous bull run saw an over 800% rally within a year, a similar surge could dwarf the $100,000 target.

This optimism stems from the potential for Bitcoin to breach overhead resistance within the rising channel, paving the way for a push towards the $500,000 mark. In essence, the logarithmic price chart hints at a target of half a million dollars per Bitcoin.

Also Read: El Salvador Strengthens Bitcoin Commitment

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