In a bold prediction, a crypto analyst has forecasted that Bitcoin (BTC), the world’s largest cryptocurrency, will experience a massive 500% surge to reach $330,000. This ambitious price target has garnered attention from various members of the crypto community.
On July 10, Arsen Thagapsov, a crypto analyst, shared optimistic projections for Bitcoin’s future, anticipating a surge to $330,000 in the 2024 bull cycle. He based his forecast on a recurring pattern observed in Bitcoin’s historical price movements, specifically noting the significant price increases to new all-time highs after every four-year cycle, coinciding with Bitcoin’s halving events.
Thagapsov highlighted previous bull cycles in 2012, 2016, and 2020, showcasing remarkable price surges during those periods. He pointed out that in 2012, BTC rose from $12 to $1,000, a 9,000% increase, followed by a surge from $650 to $19,000 in 2016, marking a 3,000% spike. In 2020, amidst market volatility, Bitcoin jumped from $8,000 to a previous all-time high of $69,000, reflecting a 1,200% price surge.
Building on this historical trend, Thagapsov predicts a 450% price increase to $330,000 in the 2024 market cycle. He noted that there are approximately 800 days between each four-year cycle before a Bitcoin bull run emerges. According to his analysis, the market has already entered a bull run and is gradually gaining momentum to potentially reach new all-time highs.
Despite Thagapsov’s bullish forecast, Bitcoin has been experiencing a major downward trend with significant volatility and price declines amid ongoing market instability. Recent weeks have seen the cryptocurrency’s value fall below the $60,000 mark, prompting feelings of extreme fear in the crypto market.
Crypto analyst Ali Martinez highlighted Bitcoin’s underperformance in June and July, attributing it to large-scale liquidations and a decline in value. As of the latest data, BTC is trading at $58,041, representing a 14% price drop over the past month.
However, Martinez also revealed a positive shift in sentiment regarding Bitcoin accumulation, indicating that many investors are now actively accumulating BTC after a period of distribution in April. This shift in sentiment suggests a potential turnaround in Bitcoin’s performance in the near future.
Overall, while Bitcoin may be facing challenges in the current market environment, analysts like Thagapsov and Martinez remain optimistic about the cryptocurrency’s long-term prospects, projecting significant price increases and positive sentiment among investors.
