Two popular analysts commented on the movements of Bitcoin (BTC), the largest cryptocurrency by market cap. One expressed his thoughts on when the bottom level and the other on the rise will be seen. Here are the details…
InvestAnswers: Bitcoin could 3x before halving
Cryptocurrency analyst and host of the YouTube channel InvestAnswers revealed his positive predictions for Bitcoin. The analyst drew attention to Bitcoin’s halving event in his latest video, which he shared on the channel, which has over 440 thousand subscribers. cryptocoin.com As we have also reported, in halving, the reward that miners receive per block is halved. Hence, the supply of the coin also shrinks. The analyst points out that BTC rallies often precede BTC halving.
According to the analyst, data based on halving dates say that BTC will see $ 63,000 by March 2024. As it is known, BTC’s next halving will take place in 2024. The previous halving took place in 2020. If Bitcoin hits $63,000 by March 2024, it means the coin’s current price of $20,500 will rise by 200 percent.
BTC starts rising 15 months before halving
According to the analyst, BTC historically starts to recover 15 months before the next halving. The halving in 2024 is expected to take place in April or May. For this reason, the expert draws attention to March, the month just before the halving. As of November 2022, there are 15 months left until the halving. The analyst relays his calculations as follows:
November 2022, 15 months until the halving date… Bitcoin tends to finish 39 percent from where it was traded 24 months before the halving. That’s $45,538 times a plus 39 percent in March 2022 (($45,538*(1+39%))… That should get us to $63,160 by March 2024.
Finally, the analyst says that real price movements will be seen after the halving. Therefore, he argues that BTC could triple over the next 15 months, and then do much more.
Benjamin Cowen points to Fed’s tough stance
Benjamin Cowen, another cryptocurrency analyst, points to inflation data for BTC. The analyst says that interest in BTC will return if the price of BTC surpasses the bull market support band. The bull market support band is a combination of the 21-week exponential moving average (EMA) and the 20-week simple moving average (SMA).
In addition, Cowen draws attention to the impact of the increasing consumer price index data (CPI) planned for the next week. He thinks this will cause the FED to maintain its “hawk”. In such a scenario, it is inevitable that another drop in BTC will be triggered. The analyst says that he is targeting the $14,000 level in BTC in the case in question. Also, Cowen says that BTC trading in the $20,000 range is good for long-term bulls.
