A pseudonymous cryptocurrency analyst, Kaleo believe that Bitcoin BTC/USD will reach $80,000 after the halving.
What happened: In an X post, the analyst said, “Bitcoin price discovery is a magnet. The chart below shows the price action parallels from the 2020 Covid capitulation wick recovery that led to the current price action in the 2021 bull market and how the market has been trending since the FTX capitulation event. In this thread, I will present more details from my Halving Reward Era price analysis theory on where I believe we are headed over the next two years.
why it matters: The jump to $80,000 predicted by the analyst is based exclusively on historical data and anticipated market behavior following the Bitcoin halving, an event that occurs every 210,000 blocks (approximately every four years) where the reward for mining new Bitcoin blocks is halved. Is. Effectively reducing the rate at which new Bitcoins are created.
See more: IntoTheBlock data shows Dogecoin HODLERs are outselling Shiba Inu with 57% profits
Explanation of projection: The launch of Kaleo draws parallels between the quick market recovery experienced after the initial COVID-19-induced market crash in 2020, which then led to a bull market in 2021, and the recent FTX collapse following market trends.
His analysis suggests a similar trajectory that could propel Bitcoin to new heights. Although Kaleo’s thesis does not explicitly specify any time-frame for reaching the lofty target of $80,000, the context of the price action and events after the halving allow to speculate that this is within the medium-term framework. Could happen within, possibly within 6 to 18 months. to halve
Price Action: At the time of writing, B T c It was trading at $37,469, up 5.33% over the past 24 hours, according to Benzinga Pro.
Read further: Here’s how much you should invest in Shiba Inu today to get paid $1 million if SHIB hits 1 cent?
Source: www.benzinga.com
