3 Master Analysts: Bitcoin Will See $40 Thousand On This Date!

Bitcoin last experienced a halving on May 11, 2020 and gave a block reward of 6.25 BTC at that time. Following the record global market drop in March 2020, the BTC price was around $8,000 at the last halving event. Now, analysts are grappling with how such an event could increase the BTC price to $ 40,000.

If this happens, Bitcoin can reach $ 40,000

The data-driven Twitter account “Root” used the Bitcoin on-chain price map to show mixed results. Accordingly, it showed that the price in the halving was at a fair price historically. According to the analysis, it is possible that the BTC price will reach approximately $ 40 thousand in 18 months. However, for this, the fair value should not decrease significantly. However, the analysis also reveals another critical factor that is valuable to the price rise. Koindeks.comAs we have reported, this is the macroeconomic environment that draws attention with the FED and global inflation.

When will BTC hit the bottom?

Capriole CEO Charles Edwards capitalized on previous cycles to determine where BTC might eventually hit bottom. Analyst Will Clemente has posted a chart in the past comparing the mid-tween between Bitcoin ATHs and macro bases. Accordingly, in 2014 and 2018, BTC formed a macro base following an all-time high. Referring to Clemente’s chart, Charles Edwards said, “We are on the 90-day chart where the last 2 Bitcoin cycles hit the bottom.”

At the time of writing, Bitcoin is trading 71% lower from the record high of $64,000 set in November 2021. Accordingly, the leading cryptocurrency is currently changing hands at $ 19,400. This price is still less compared to the 2018 floor, so it is possible for the price to go even lower. It seems that BTC has not seen its bottom now.

“Bitcoin will fall to these levels”

Crypto analyst Ali Martinez outlined what it takes to prevent a sharp drop in Bitcoin. Accordingly, BTC needs to maintain the $19,000 anchor level. The analyst claims that at this price level, there are 1.3 million addresses 680,000 BTC. According to him, the data on the chain shows that there is almost no reinforcement under it. Ki Young Ju, the CEO of CryptoQuant, comes up with another claim. The CEO claims that valuable USDC stablecoin will flow to exchanges.

According to him, when this happens, the next bull cycle for BTC will begin. Currently, 94% of the USDC supply is held by large over-the-counter companies such as a Goldman Sachs. However, crypto-native stablecoins like BUSD are officially popping up on exchanges right now. This shows that some crypto natives are hoarding some specific coins.

Similar Articles

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Advertisment

Most Popular