Crypto Price Predictions Post Bitcoin Halving: Major Bull Run Expected To $500,000?

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7 months ago

The bulls are going on the attack well in advance of the Halving, with the market capitalization of Bitcoin hitting a fresh all-time high of $1.451 trillion. The bull market maintains its hegemony as the largest cryptocurrency by market capitalization displays an astounding reversal in late 2023 and continues in 2024.

The common consensus is that the primary driver of current bull run is the increasing inflows into the Bitcoin ETF. But as profit booking kicks in, the continuous retreat overlooks the ETF inflows. Moreover, a collapse is being threatened by the growing international tension brought on by the Moscow terror assault.

Still, as usual, the impending half of Bitcoin portends a bull run. Possessing a track record of starting bull runs, There is a lot of excitement surrounding the impending Halving. But after the 2024 halving, how high will the price of Bitcoin go? To determine the next significant Bitcoin Price Prediction, let's examine the price chart of BTC in more detail.

The Rise in Bitcoin Prices Shows Bullish Dominance

With a gain of about 300% since December 2022, Bitcoin's bull market is getting underway well in advance of the year of the halving. In the weekly chart, the price of Bitcoin creates a rounded bottom reversal following the prosperous comeback in 2023.

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Additionally, the price of Bitcoin has given a bullish breakout to this trend continuation pattern with its recent climb to $73,000. A week that is bearish is currently expected following a slump that forms an evening star pattern.

But this retreat appears to be a retest of the bullish breakout to the hopeful eye. As a result, the likelihood of a reversal is increasing based on the price movement.

Furthermore, the impending BTC Halving Event may cause the price of bitcoin to reach a new all-time high. Fibonacci levels indicate that within the first few weeks following the Bitcoin halving, the rally may reach the 1.618% Fib level. As a result, it is anticipated that the price of Bitcoin will approach $100,000.

Let's take a longer view, though, and examine Bitcoin's logarithmic price chart.

See Also: XRP, Ethereum, and Bitcoin Price Prediction Do Bulls Have a Resurgence?

Bitcoin Will Reach $500,000.

The monthly timescale of the logarithmic Bitcoin price chart displays a rising channel in formation.

Moreover, there may be a rounded bottom breakout associated with the current reversal.

The price fluctuation of the rally is comparable to the previous Bitcoin halving in 2025, which means HODLers are headed for a wild ride. Although the last bull run in Bitcoin saw a surge of more than 800% in a single year, a comparable price increase may make the $100,000 target appear much more manageable.

This is due to the possibility that the bull will dominate the $500,000 level and hit the above barrier in the rising channel. Put otherwise, the half-million dollar aim is hinted at by the logarithmic price chart.