Bitcoin’s halving events are considered an important turning point in the cryptocurrency market, and Bitcoin’s price and market behavior following these events are widely scrutinized. The well-known analyst Captain Faibik, one of the prominent names on this subject, attracted attention with his bold predictions and detailed analysis.
Captain Faibik’s last analysis, offered a remarkable insight into the price of Bitcoin. Captain Faibik suggests that Bitcoin’s correction phase has been completed and a rise towards the $100,000 level is now on the horizon. While this prediction creates excitement and speculation in the cryptocurrency market, it also attracts the attention of investors.
Captain Faibik’s analysis highlights the formation of a parabolic curve examining Bitcoin’s price movements, as seen in the chart below. Specifically, as the analyst noted, this curve on the 1-week BTCUSDT chart indicates that an upward move should be expected if a breakout occurs. This bullish signal is also supported by the identification of key bases on the chart, specifically Base 3 and Base 4.
Base 3 indicates that Bitcoin’s price could double in a short time, according to the analyst. Likewise, Base 4 is also exhibiting similar indicators and could potentially push Bitcoin’s price to close to $100,000 sooner or later.
However, one point that Captain Faibik draws attention to in his analysis is the possibility that Bitcoin may decline after reaching this target of $ 100,000. This is typically the case following the achievement of large price targets and is often followed by profit taking and a correction after an asset’s price gets too high.
Historical Performance
Similarly, well-known trader Crypto Tea is among those giving hints of a bullish rally for Bitcoin.
Throughout history, Bitcoin’s significant price increases have often followed halving events. While the halving in 2012 was marked as the beginning of Bitcoin’s price skyrocketing, the price increased by 92 times after the halving. The halving events in 2016 and 2020 resulted in increases of 30 times and 8 times, respectively.
Bitcoin did 92X after the 2012 halving
30X after the 2016 halving
8X after the 2020 halving
What do you think happens next? pic.twitter.com/Y5qgu0zNlJ
— Crypto Tea (@CryptoTea_) April 21, 2024
Considering these past success stories, Crypto Tea believes that a new wave of increase in Bitcoin price is approaching. However, the size and speed of this increase after the halving remains unclear. Emerging market dynamics will determine the magnitude of this expected increase and will continue to attract the attention of investors and analysts.
While Bitcoin is currently trading at $65,258, the expected rise towards $100,000 represents a significant price increase.
You can access current market movements here.
