The Case for Bitcoin Price to Exceed $200,000
Crypto experts have long argued that Bitcoin’s price could surge past $200,000. The most recent prediction comes from TradingShot, who believes that BTC could reach this level in the near future.
Halving Event to Trigger a Parabolic Rally
According to TradingShot’s analysis on TradingView, the Bitcoin Vortex bullish cross and the Bollinger Bands Width (BBW) bottoms indicate that BTC might be gearing up for another parabolic rally. Historically, these rallies tend to occur after a halving event, which happens approximately every four years. This event reduces block rewards for miners, slowing down the creation of new coins.
TradingShot’s forecast is based on the next Bitcoin halving event expected in Q2 2024. The analyst believes this event will initiate the final and most aggressive parabolic rally of the bull cycle.
Short Timeframe for Reaching $200,000
If the Bullish Cross formation occurs on the 2-Month candle around January 2024, it could mark the start of a new bull market. At this point, Bitcoin could be just months away from hitting a new all-time high, potentially exceeding $650,000 from its current value of $35,300.
Hot Take: Bitcoin’s Impending Surge
If TradingShot’s analysis holds true, we may witness an unprecedented surge in Bitcoin’s price driven by the upcoming halving event. This potential rally could lead to a substantial increase in value within a relatively short timeframe.
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