Analysts Say Bitcoin To Hit $35K Before Hitting This Level, As We Are In Consolidation Phase

The post Analysts Say Bitcoin To Hit $35K Before Hitting This Level, As We Are In Consolidation Phase appeared first on Coinpedia Fintech News

Renowned crypto analyst Stockmoney Lizards shared crucial insights on Bitcoin’s current state, with a special focus on the upcoming Bitcoin halving event. Analyst 

foresees a potential surge for Bitcoin, predicting a price of $250,000. The analysis is based on Bitcoin’s past movement during the halving period.

Bitcoin Price Action During Halving

In a recent tweet, Stockmoney Lizards showcased the cycling pattern of Bitcoin’s halving period, illustrating the fluctuations in its price both before and after the halving event. To make predictions about the upcoming Bitcoin halving price, analysts delve into the movement of Bitcoin during past halving cycles.

Ahead of the 2012 halving, Bitcoin was priced at $32 before its first halving, soaring to over $1,200 afterward. Later, the second halving in 2016 saw a drop to $650, followed by a record high of $19,783. This led to a “Crypto Winter,” marked by a bullish surge and a subsequent crash.

As the 2020 halving approached, Bitcoin’s value stood at $9,000. Following the halving, it surged to a peak of $68K, eventually settling into a range of around $20,000.

According to Stockmoney Lizards, Bitcoin could soon fall to $35,000 as we are currently in the pre-halving consolidation phase. Looking ahead, the prediction extends to a potential surge of over 100%, projecting the BTC price to reach around $250,000 shortly after the halving in the next 6 months.

BTC price analysis

BTC price predictions are influenced by a myriad of factors, ranging from technical analysis to market sentiment. As of now, Bitcoin is trading at $42,661, showing a modest 1.9% decrease over the past week. The 24-hour trading volume indicates a decline of 24.1%, with the market cap hovering around $835.12 billion.