In a bold forecast, a crypto analyst has predicted 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, intrigued by the analyst’s bullish projection.
On July 10, Arsen Thagapsov, a crypto analyst, expressed optimistic sentiments regarding Bitcoin’s future outlook, foreseeing a surge in the cryptocurrency’s price to $330,000 in the 2024 bull cycle. In a post on X (formerly Twitter), the analyst based this ambitious forecast on a recurring pattern identified in Bitcoin’s historical price movements.
Thagapsov shared a price chart depicting BTC’s bull cycles and their corresponding record highs, emphasizing that Bitcoin has consistently experienced significant price increases to new all-time highs after each four-year cycle. These cycles also align with Bitcoin’s halving events, which occur every four years.
To support his point, the analyst outlined Bitcoin’s previous bull cycles in 2012, 2016, and 2020. In 2012, BTC saw a remarkable increase from $12 to $1,000, marking a substantial 9,000% surge in value. Subsequently, in 2016, the cryptocurrency experienced another significant price surge from $650 to $19,000, representing a 3,000% spike. In 2020, amidst market volatility, Bitcoin soared from $8,000 to a previous all-time high of $69,000, reflecting a massive 1,200% price surge.
Based on this recurring bullish trend, Thagapsov predicts that BTC will undergo a 450% price increase to reach $330,000 in the 2024 market cycle. The analyst has observed approximately 800 days between each four-year cycle before a Bitcoin bull run, and according to his price chart, the market is currently in a bull run, gradually gaining momentum towards potentially hitting new all-time highs.
Despite Thagapsov’s optimistic forecasts, Bitcoin has recently been on a major downward trend, facing significant volatility and price declines amidst ongoing market instability. While various analysts have predicted substantial rallies for BTC in this bull cycle, recent weeks have seen the cryptocurrency’s price fall below the $60,000 mark.
According to crypto analyst Ali Martinez, the crypto market is displaying extreme fear, possibly attributed to Bitcoin’s declining value and large-scale liquidations. Currently, BTC is trading at $58,041, marking a 14% price drop over the past month, as reported by CoinMarketCap.
While Bitcoin’s performance in June and July may have raised concerns, Martinez has noted that the cryptocurrency’s accumulation trend score is showing positive signs. The analyst highlighted a significant shift in investors’ sentiment, indicating that many investors are actively accumulating BTC after a prolonged period of distribution in April.
In conclusion, while Bitcoin may be experiencing short-term volatility and price fluctuations, analysts like Thagapsov and Martinez remain optimistic about the cryptocurrency’s long-term potential, with projections of significant price surges in the future. As the market continues to evolve, it will be interesting to see how Bitcoin’s price trajectory unfolds and whether it will indeed reach the forecasted $330,000 milestone in the coming years.
