People have been arguing for a few years that the price of Bitcoin will go above $200,000. Many experts in cryptocurrency still believe this. This is still the same, especially with the latest guess from a crypto expert who says the price of BTC will be over $200,000. But the thing that is most intriguing is when this analyst thinks the top cryptocurrency will reach this point.
Cutting in half causing a big increase in price.
Crypto expert TradingShot made a bold prediction on the TradingView website, saying that the price of Bitcoin could reach $200,000. The analysis looks at when Bitcoin might have a big price increase by looking at certain patterns.
TradingShot says that the price of cryptocurrency usually goes up a lot after a Halving Event. Every four years, a BTC halving event happens. It reduces the rewards for miners by cutting them in half. This means that new coins are created at a slower rate.
The crypto analyst is making a guess about what will happen next time the number of bitcoins awarded to the people who verify transactions is cut in half. This is supposed to happen in the second quarter of 2024. As the analyst says, this event is the start of the last and most aggressive part of the Bull Cycle.
Another important event that happens after the halving is the Big Black Wave which hits rock bottom once the halving is finished. This usually means the end of a small decrease in price, and it might have a trend line below it for support, according to TradingShot.
When will the price of Bitcoin reach $200,000.
Bitcoin may go up a lot in 2024, possibly over $200,000. After it happens, the crypto expert sees a short amount of time before the asset reaches this level.
A Bullish Cross formation is expected to start a bull market with a long series of green candles leading to the peak of the Bull Cycle.
TradingShot says that if this happens, then the Bullish Cross would show up on the 2-Month candle. This means that it will happen around January 2024. If this is right, then BTC could reach a new highest price in just a few months.
During this big jump, Bitcoin is priced at over $650,000. BTC is now trading at a little over $35,300, which is more than 1,700% higher than before.
