The Half-Million Dollar Bitcoin: Predictions Point To Monumental Price Surge In 18 Months



Bitcoin
(BTC),
the
largest
cryptocurrency
in
the
market,
recently
touched
the
crucial
$70,000
level,
proving
to
be
a
significant
hurdle
for
its
price
consolidation
in
recent
months. 


Despite
surpassing
its
previous
high
and
reaching
a
record


all-time
high


(ATH)
of
$73,700
in
March,
BTC
experienced
a
20%
price
correction
to
around
$56,500
at
the
beginning
of
May.
However,
this
correction
marked
the
start
of
a
renewed
bullish
momentum,
with
BTC
currently
trading
at
approximately
$69,300.

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While
Bitcoin’s
price
has
seen
some
volatility
and
a
lack
of
sustained
bullish
action,
venture
capitalist
and
market
expert
Chamath
Palihapitiya
has
provided
optimistic
predictions
for
the
cryptocurrency’s
future. 


Bitcoin
Price
And
Halving
Analysis


In
a
recent

episode
of
the
All
In
Podcast,
Palihapitiya
analyzed
BTC’s
historical
patterns
about
the
Halving
event,
which
occurs
approximately
every
four
years
and
reduces
the
block
reward
given
to
miners. 


The
venture
capitalist
noted
that
after
a


Halving
,
investors
typically
spend
the
first
three
months
reassessing
the
price
and
the
overall
market
situation.
However,
significant
price
appreciation
has
historically
occurred
within
six
to
18
months.


Related
Reading


To
support
his
analysis,
Palihapitiya
referred
to
the
previous
Halving
events.
For
further
context,
the
first
Halving
took
place
on
November
28,
2012,
reducing
the
block
reward
from
50
BTC
to
25
BTC.
At
the
time
of
the
Halving,
Bitcoin
was
priced
at
$13,
and
within
a
year,
it
peaked
at
$1,152. 

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The
second
Halving
occurred
on
July
16,
2016,
reducing
the


block
reward


to
12.5
BTC.
Bitcoin’s
price
at
that
time
was
$664,
and
within
a
year,
it
peaked
at
$17,760. 


The
most
recent
Halving
occurred
on
May
11,
2020,
reducing
the
block
reward
to
6.25
BTC.
During
that
halving,
Bitcoin
was
priced
at
$9,734,
and
within
a
year,
it
reached
an
all-time
high
of
$69,000.

BTC’s
price
prediction
for
the
next
18
months
after
The
Halving.
Source.

All
In
Podcast,
Chamath
Palihapatiya


Based
on
these
historical
patterns
and
applying
the
average
increases
from
previous
Halvings,
Palihapitiya
suggests
that
if
Bitcoin
continues
to
follow
its
performance
from
the
last
market
cycle,
it
could
skyrocket
to
around
$500,000
by
October
2025,
as
seen
in
the
chart
above. 


Notably,
the
expert
believes
that
as
Bitcoin’s
value
appreciates
to
such
levels,
it
has
the
potential
to


replace
gold


and
serve
as
a
transactional
utility
for
hard
assets.
This
scenario,
combined
with
concerns
about
the
debasement
of
fiat
currencies,
presents
intriguing
opportunities
for
Bitcoin’s
future.

FreeBitcoin Banner  


Increased
Demand
For
BTC? 


Palihapitiya
further
argued
during
the
interview
that
as
more
countries
adopt
a
dual-currency
approach,
with
Bitcoin
being
recognized
as
a
valuable
asset
alongside
their
local
currency,
the
demand
for
Bitcoin
will
increase. 


This
shift
would
only
occur
as
people
recognize
the
need
for
Bitcoin
in
daily
transactions
for
goods
and
services
and
as
a
store
of
value
for
permanent
assets.


Related
Reading


Overall,
Palihapitiya’s
analysis
of
Bitcoin’s


historical
patterns


following
the
Halving
events
provides
an
optimistic
outlook
for
the
cryptocurrency’s
price. 


The
potential
for
Bitcoin
to
reach
$500,000
by
October
2025
and
its
growing
recognition
as
a
dual-currency
asset
alongside
fiat
currencies
offers
renewed
prospects
for
investors
and
the
broader
cryptocurrency
market. 

The
daily
chart
shows
that
BTC’s
price
is
trending
upward.
Source:

BTCUSD
on
TradingView.com


Featured
image
from
DALL-E,
chart
from
TradingView.com

Go to Source
Author: Ronaldo Marquez


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