A crypto analyst has forecasted Bitcoin’s worth to surge to unprecedented highs forward of the 2024 Bitcoin halving occasion scheduled for April. The cryptocurrency has already been experiencing vital positive factors, surpassing its earlier all-time excessive to commerce above $70,000. 

Bitcoin’s Path To $200,000

In a latest X (previously Twitter) submit, crypto analyst, Gert van Lagen offered a compelling narrative supporting Bitcoin’s bullish trajectory main as much as the halving occasion in April 2024. 

Sharing a worth chart illustrating Bitcoin’s latest bullish actions, Lagen revealed that the cryptocurrency doubled in worth inside 10, 18 and 84 days following its surge to new all-time highs. Because of this huge rallying development, the analyst confidently expressed his perception {that a} transfer to $200,000 earlier than the halving cycle in April is turning into extra believable. 

Historically, the Bitcoin halving marks an occasion the place the rewards for mining new blocks are lower by half, resulting in a subsequent discount within the cryptocurrency’s provide and contributing to a sustainable enhance in its worth. The extremely regarded four-year occasion is normally accompanied by a big bull run for Bitcoin and different cryptocurrencies inside the market. 

Opposite to historic patterns indicating that the Bitcoin bull run usually aligns with the halving occasion, the cryptocurrency has been experiencing unprecedented positive factors in anticipation of the halving, main analysts to contemplate the potential for an even bigger worth bounce in the course of the occasion. 

The cryptocurrency’s achievement of a new all-time excessive earlier than the halving stands as a unprecedented incidence, underscoring the immense demand and rising reputation of Bitcoin within the crypto area. 

Together with Lagen, different analysts have predicted bullish outcomes for Bitcoin forward of the halving occasion. In response to crypto analyst, “The Bitcoin Therapist,” on X, Bitcoin is anticipated to rise to $100,000 by April. Moreover, a gentle rise to new all-time highs at $75,000 is anticipated to happen earlier than the halving, as said by one other crypto analyst. 

Bitcoin Smashes By $70,000 Barrier

Following its earlier surge to $70,000 on Friday, March 8, 2024, Bitcoin encountered a minor setback, retracting to a stage simply above $69,000. Nevertheless, within the final 24 hours, the cryptocurrency has recorded an unprecedented surge, amassing roughly 2.68% and presently buying and selling above the $71,000 worth mark, in keeping with CoinMarketCap.

This worth enhance marks a historic milestone for the cryptocurrency because it reaches an all-time excessive above $71,000 for the primary time. As of this second, Bitcoin is buying and selling round $71,312, experiencing vital worth fluctuations which have contributed to its latest positive factors. The cryptocurrency’s 24-hour buying and selling quantity can also be up by 82.80%, underscoring the rising demand and curiosity within the pioneering digital forex.

BTC worth at $71,581 | Supply: BTCUSD on Tradingview.com