A cryptocurrency analyst has predicted that Bitcoin, the largest cryptocurrency in the world, will double in value in the coming months.
Bitcoin Price Shows Unusual Technical Pattern
In a recent post on X (formerly Twitter), a crypto analyst and Bitcoin enthusiast known as ‘TechDev’ revealed a rare technical pattern observed in Bitcoin’s price movements. TechDev shared a price chart showing Bitcoin’s historical price fluctuations since 2011 and highlighted a distinct correlation in the cryptocurrency’s price movements in 2013, 2017, and 2022.
According to the analyst, Bitcoin’s price in those years had closed two consecutive months above the upper Bollinger bands. TechDev pointed out that historically, when this occurred, the price of Bitcoin had doubled within three months. Based on this analysis, TechDev suggested that a similar pattern was emerging for Bitcoin’s price in 2024, indicating a potential doubling of the price to nearly $140,000 by July 2024.
Currently, Bitcoin is trading at $69,740, showing a 0.57% increase in the last 24 hours, according to CoinMarketCap. The cryptocurrency has been on a significant upward trend since the beginning of the year, reaching new all-time highs well before the upcoming Bitcoin halving in April.
With Bitcoin’s price trajectory maintaining a strong momentum and garnering attention from the wider crypto community, this latest forecast fuels the growing enthusiasm and bullish sentiment surrounding the cryptocurrency.
Countdown to the Halving Event
Renowned crypto analyst, Ali Martinez, has started a countdown to the highly anticipated Bitcoin halving event scheduled for April 2024. Martinez expressed optimism about the 4-year Bitcoin supply reduction, revealing that less than two weeks remain until the halving event commences.
During the halving event, the block rewards for Bitcoin miners will be halved, decreasing the rate of new coin creation and potentially boosting the cryptocurrency’s value by reducing the supply.
Reports from Santiment suggest a strong likelihood that the market’s current elevated performance will persist leading up to the halving event.
Conversely, Martinez indicated that selling pressures could impact the market if Bitcoin reaches $70,190, projecting approximately $33 million in liquidations across derivatives exchanges at that target price.
Additionally, the analyst noted a significant increase in sellers during Bitcoin’s recent drop below $70,000. Predicting a potential rebound to $70,875, Martinez anticipates around $72 million in liquidations.
Image Source: DUSAN ZIDAR / Shutterstock
