TL;DR
- Bitcoin’s Resurgence: Bitcoin (BTC) has returned to the $72,000 mark, leading market analyst Gert van Lagen to predict a potential rise to $220,000 before the next halving event.
- Market Volatility and Predictions: Despite market volatility and recent drops in Bitcoin’s price, van Lagen projects that Bitcoin could jump as high as 204% from its current level in just 11 days leading up to the halving.
- Growth Phases and Future Prospects: Van Lagen divided Bitcoin’s growth into five major phases and predicts that the coin might face a retracement before triggering its parabolic fourth and fifth growth phases, potentially leading to an unprecedented increment in price.
The price of Bitcoin (BTC) has returned to the $72,000 mark after more than three weeks of trading below this price point. This resurgence has led top market analyst Gert van Lagen to predict a significant increase in the value of the cryptocurrency, with a potential rise to $220,000 before the next halving event.
According to van Lagen’s projection, Bitcoin has the potential to jump as high as 204% from its current level to hit the $220,000 price target in just 11 days leading up to the halving. While the volatility of the market supports this kind of growth, there are also potential headwinds ahead.
Over the past month, the price of Bitcoin dropped as low as $61,540 due to fears of massive outflows from the Grayscale Bitcoin Trust (GBTC). This bearish sentiment forced many BTC holders to relinquish their assets for fear of incurring additional losses.
The Five Major Phases of Bitcoin’s Growth
In his analysis, van Lagen divided the growth phase of Bitcoin into five major phases. He believes that the coin is currently in the third phase. From here, he predicts that the coin might face a retracement before triggering its parabolic fourth and fifth growth phases.
Interestingly, he suggests that the current third phase might be the most bullish, with a vertical rally in the current blow-off phase. The underlying fundamentals of these bullish targets for the price of Bitcoin before halving cycles 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 being scooped off of crypto trading platforms, the BTC halving will reduce daily emissions to 450 coins, potentially triggering an unprecedented increment movement in the price.
As of now, Bitcoin is trading at $71,520.52, up by 2.20% in the past 24 hours. With the halving event approaching and the potential for significant price increases, the world will be watching closely to see if van Lagen’s predictions come to fruition.
