Bitcoin price made an amazing start for the final quarter of this year. It reclaimed the $120,000 threshold in October, which is traditionally a bullish time. Following a month-long period of price volatility, Bitcoin appears to have finally found its footing. resuming its bullish uptrend.
Investors will want to know how high and for how long BTC can rise. BTC price may reach as much as $160,000, according to a social media analyst.
The Breakover Above $128k is Critical to BTC’s Bull Run
Axel Adler Jr., a crypto analyst from X posted on October 3, a post about the cryptocurrency market. put forward Bitcoin’s price should be $160,000 by the end of this year. Online pundit says that BTC price’s sustained progress to an unprecedented high depends on two main conditions or price levels.
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This bullish assessment is based on the price history of Bitcoin after the halving. This is because the event of halving BTC by half usually triggers a price rally over the long term.
The scenario-based model, as shown in the graph above, shows that each cycle of halving produces a Bitcoin peak exponentially greater. The model shows that BTC’s price in 2020 will be around $57,000, a significant increase over the prior high of $4250.
Adler Jr. stated that Bitcoin prices could rise to $160,000 in 2024 after the halving of miner rewards, from 6.25 BTC (Bitcoin) down to 3.125 BTC. The first requirement for this rally is the launch of the flagship cryptocurrency will need to break above Hold above the 128,000-dollar mark “base” Multiple weekly closings.
The on-chain expert shared the second scenario, in which Bitcoin’s uphill movement towards the $160,000 level could be invalidated if the price falls below $102,000. Adler Jr. said that a break below this level would lead to an immediate scenario reset. This could change the overall trend or target price for Bitcoin.
BTC’s price movement in the short-term is what you should be watching for as it tries to recover its previous all-time high. The price of BTC could also break the previous record high. clear the path for Bitcoin to reach the ‘base” level of $128,000.
Bitcoin Price at a Glance
BTC is currently trading at $122,710, a 2 percent increase in just 24 hours. Data from CoinGecko shows that the price of the most popular cryptocurrency has increased by over 12% during the past seven days.
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Featured image is from iStock. Chart from TradingView
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Source: www.newsbtc.com
