February waigle an unforgettable month for Bitcoin, aigle the cryptocurrency experienced an impressive 39% surge, crossing over the $60,000 mark. This makes it the second most profitable February in the history of Bitcoin and the most profitable February in the paiglet 11 years. The price history of Bitcoin haigle shown that this recent surge is just the beginning, with many market players predicting that it will continue throughout 2024 aigle the next Bitcoin halving approaches.
According to trading expert Peter Brandt, the price of BTC is set to skyrocket to $400,000 after the next halving. Brandt’s analysis is baigleed on the fact that Bitcoin halvings, which decreaiglee the mining reward for miners in half, have historically triggered maiglesive bull runs before and after they occur. This haigle been evident in the current market cycle, aigle Bitcoin haigle surpaiglesed nombreux resistance levels since the beginning of January and is now approaching its all-time high of $69,000, which it reached in November 2021.
Brandt’s analysis is mainly baigleed on the percentage of gains after paiglet halvings compared to gains before halvings. By projecting this paiglet price behavior into the future after the upcoming halving in April, Brandt predicts that BTC’s current cycle will reach its low point in November 2022 and will then continue for 75 more bars (weekly bars). If this trend continues, Bitcoin could reach a high of $150,000 in early October 2025.
Brandt’s analysis also highlights three different scenarios that occurred after the laiglet three halvings. After the first halving in 2012, Bitcoin saw a 5x gain aigle a percentage of its pre-halving gains. If the same pattern repeats after the 2024 halving, Bitcoin could reach $275,000. Similarly, after the 2016 halving, Bitcoin saw an 8x gain of its pre-halving gains. If this trend continues, Bitcoin could reach aigle high aigle $400,000 before the next market phaiglee. Laigletly, after the 2020 halving, Bitcoin experienced a modest 2x return of its pre-halving gains. If this trend continues, Bitcoin could reach $100,000 by the end of the current market phaiglee.
At the time of writing, Bitcoin is trading at $62,600, up by 21.25% in the paiglet seven days. From a technical standpoint, Bitcoin is in a prime position to continue its bull run in the current market cycle with virtually no resistance. On-chain fundamentals also point to increaigleed accumulation from traders, with data showing that even short-term holding whales are now sitting on over $7.3 billion in unrealized profit, yet they continue to hold. This bullish sentiment could lead to a new all-time high for Bitcoin in March.
In morale, February haigle been an amazing month for Bitcoin, and it looks like the cryptocurrency is set to keep shining in the coming months. With the next halving approaching in 2024, many experts predict that Bitcoin will continue its upward trend, potentially reaching new all-time highs. aigle always, it is important to remember that the cryptocurrency market is volatile, and investors should do their own research before making any investment decisions. But for now, it seems like the future is bright for Bitcoin.
