Cryptocurrency Analyst Predicts Bitcoin Could Reach Parabolic Phase After April Halving
Bitcoin could see a new all-time high after the April 2024 halving, the cryptocurrency analyst and trader Svenson has revealed. He pointed to past halving events reducing miners’ rewards by half and causing significant price movements in Bitcoin’s value. With the stock market performing well during election years, Bitcoin’s momentum could be further bolstered, leading to a parabolic increase in its value.
Prediction of $100k Mark and Peak Date
According to Svenson’s analysis, Bitcoin may rise to over $100,000 by December, with the peak expected in October 2025. He based this prediction on the historically observed pattern that profitability tends to end around 80 weeks after a halving event.
Past Halvings and Bitcoin’s Current State
Svenson cited past halving events in 2016 and 2020 to suggest that a similar trend could occur after the April 2025 halving. As of now, Bitcoin is trading at $46,800 after a recent surge and a 4.4% increase over the last 24 hours. The rise comes as large whale wallets have accumulated Bitcoin, rising to the highest level since November 2022.
Rise in Whales Whales Accumulation and Bitcoin Miners Activity
Whales continue to accumulate BTC at the same time a key price indicator flashes a buy signal, suggesting further price increases. Meanwhile, over 4,000 BTC valued at around $173 million have been moved from miner wallets to exchanges, the highest figure seen since May 16, 2023. Bitcoin miner reserves are now at their lowest level since 2021.
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