Bitcoin (BTC) could surge to over $110,000 in the future as we approach the next halving event. According to CryptoKaleo, one of the most respected cryptocurrency analyst on Twitter, BTC could skyrocket after its new halving. This could push Bitcoin not only to new highs but also surpass the psychological barrier of $100,000.
Despite Bitcoin falling below $18,000 for a short period of time in June, the virtual currency could continue with its bull run in the coming years as it’s getting closer to a new halving event. This halving event could push BTC towards $110,000 as explained by CryptoKaleo on Twitter.
Source: CryptoKaleo on Twitter
As we can see in the chart above, the analyst says that we could be in a period of accumulation in a base range between $16,000 and $30,000. This could last until December of this year before BTC breaks above the HTF diagonal resistance that has been formed in the last months.
It is worth pointing out that the next halving event is also getting closer. Indeed, the Bitcoin network is expected to reduce its issuance of a new BTC to 3.125 BTC in May 2024. That means that there will be fewer BTC issued on a daily basis that could be sold to the market. With an increase in the demand for Bitcoin, rather than having 900 BTC available on a daily basis, there will be 450 BTC.
Furthermore, CryptoKaleo said that he is expecting a few months of rapid, overhyped growth in early 2023 which might not be enough for Bitcoin to reach an all-time high. As the analyst says, the virtual currency could be traded somewhere close to $50,000 for some months.
When it comes to altcoins in the cryptocurrency market, this price increase in 2023 that Bitcoin could experience can have a positive impact on different alternative currencies. Investors that have diversified portfolios in the crypto space could benefit from this price increase of different digital currencies.
About Bitcoin’s future, the analyst said:
“I want to clarify – I think BTC *does* go higher than what this chart shows (~$110K), but even if that’s all we see… that’s still a 5x+ from current prices in less than two and a half years lol. That’s not bad at all. Might even be just enough to outpace inflation.”
These comments come at a moment in which Bitcoin is being traded at close to $21,600. The largest cryptocurrency has moved higher in the last few days and the market could continue to move higher. There was a moment in recent hours in which Bitcoin surpassed $22,000 for a short period of time. This represents a price increase of close to 10% from two days ago.
The question now is whether Bitcoin would be able to start a new bull market in the coming days or whether this is just a recovery that could push prices lower in the next weeks.