All-Time Highs Ahead? Bitcoin Price Poised for Major Jump After Supply Cut, Analyst Claims

A popular cryptocurrency analyst and trader has recently revealed he believes the price of the flagship cryptocurrency Bitcoin ($BTC) could enter a parabolic phase following the upcoming halving event in April, which will reduce the supply on new BTC entering the market in half.

In a video he published for his 71,700 subscribers on the Google-owned video-sharing platform YouTube, Svenson highlights that Bitcoin could reach new all-time highs, drawing from patterns observed in previous cycles.

Halving events, which occur every four years and reduce miners’ coinbase rewards by half, have historically been a precursor to significant price movements for the cryptocurrency, with Svenson pointing out that the stock market’s positive performance during election years could further boost Bitcoin’s momentum post-halving, potentially leading to a parabolic increase in its value.

Svenson’s analysis suggests that Bitcoin could breach the $100,000 mark as early as December in this cycle, with the peak expected around October 2025. This prediction is based on the pattern that profitability tends to end approximately 80 weeks after each halving event.

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He cited past halvings in 2016 and 2020, where the end of this 80-week period marked the onset of bear markets, indicating a similar trend could follow the April 2025 halving.

Bitcoin is currently trading at $46,800 after surging over the last few days and moving up over 4.4% over the last 24-hour period. Bitcoin’s rise comes at a time in which whale wallets has been rising to the point it’s the highest since November 2022, as large cryptocurrency investors took advantage of its price stability.

These large whales are accumulating BTC at a time in which a key price indicator has started flashing a buy signal, suggesting the price of the flagship cryptocurrency could keep on rising in the near future after consolidating around the $43,000 mark as it recovers from a drop that came along with the launch of spot exchange-traded funds in the US.

Bitcoin miners have notably been selling their BTC holdings, moving over 4,000 coins valued at around $173 million from their wallets to cryptocurrency exchanges in a single day, the highest figure seen since May 16, 2023. Their reserves have now dropped to the lowest level since 2021.

Featured image via Unsplash.

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• Source: https://www.cryptoglobe.com/latest/2024/02/all-time-highs-ahead-bitcoin-price-poised-for-major-jump-after-supply-cut-analyst-claims/