Bitcoin Price Prediction: BTC Price to Hit New All-Time High in 415 Days, Predicts Crypto Analyst
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In a recent video update earlier this week, James Mullarney, host of the popular YouTube channel “InvestAnswers,” shared a compelling prediction with his subscribers. Mullarney suggested that the price of Bitcoin could potentially reach a record high by June 2024, potentially fueled by the BTC boom before its halving.
Historical Cycles Point Towards a Promising Future
The anonymous host supports his forecast by drawing upon historical cycles, noting that Bitcoin has historically taken approximately three years to recover and surpass previous highs after each cycle. With Bitcoin currently standing at 545 days since its last all-time high, InvestAnswers estimates that there are approximately 415 days remaining until the next peak.
Price Volatility Expected Along the Way
However, Mullarney cautions that price volatility is likely to occur before Bitcoin reaches its new all-time high, citing previous cycles where the cryptocurrency has retested market bottoms.
Nevertheless, he highlights the remarkable performance of Bitcoin in the current cycle, attributing it to factors such as enhanced speed and a better understanding of Bitcoin’s value as a store of wealth.
Potential Macro Headwinds vs. Favorable Tailwinds
Despite the positive factors driving Bitcoin’s growth, Mullarney expresses skepticism about the current macro headwinds impacting the market. He emphasizes potential tailwinds, including the banking crisis, a weakening US dollar, and lack of liquidity, which could drive interest in Bitcoin and bolster its prices.
Related: Crypto Live News: Binance Battles US Regulators, Shifts Focus To UK
June 2024: A Milestone on the Horizon
InvestAnswers ultimately believes that Bitcoin has the potential to hit its new all-time high by June 2024. This prediction places the timeline a little over a year until fruition, potentially shaping the future of Bitcoin’s value.
At the time of writing, Bitcoin is trading at $27,729, reflecting a marginal decline of 0.5% over the past 24 hours. Despite the current market conditions, InvestAnswers’ optimistic outlook offers a distinctive perspective on the future price movements of Bitcoin.
Filed under: Bitcoin - @ May 12, 2023 8:14 am