Big Bull Rush Coming Why Bitcoin Is Poised To Hit $200,000 Next Year Despite Recent Turbulence
Cryptocurrency markets suffered a sharp correction on Wednesday with the price of Bitcoin (BTC) falling below the $59,000 level, obliterating sizable gains witnessed late last week after a dovish pivot by U.S. Federal Reserve Chair Jerome Powell. Despite the market turmoil, crypto commentators remain as bullish as ever.
Trader Mags has predicted that the apex crypto could hit $200,000 as early as next year based on historical data.
200K BTC By 2025?
Bitcoins (BTC) recent weakness will not stop it from hitting $200,000 over the next year-plus.
Crypto analysts have closely monitored Bitcoins price action after its fourth mining reward halving. Historically, the halving-led slowdown in Bitcoins supply growth after previous quadrennial halving events has paved the way for multi-fold price upsurges in the months following the event.
Though bulls were firmly in the drivers seat following each of the three halvings, the extent and time taken to reach the eventual peak differed.
Trader-cum-analyst Mags pointed out that after the 2012 halving, Bitcoin rallied by 9,500% and peaked after 406 days in 2013. After the second halving in 2016, Bitcoin rocketed by over 4,000 to peak approximately 511 days post-halving. Similarly, after the 2020 halving, Bitcoin jumped by roughly 636% and topped out 546 days later.
Mags observed that Bitcoin has been in an accumulation phase since the April halving. But if history repeats itself, the premier crypto could peak between June and October 2025 around 400-550 days from now. Even with a modest 300% rally, Bitcoin would still reach the ambitious $200,000 mark.
Massive Bitcoin ETF Inflows Bolster Bullish Bets
Meanwhile, demand for the U.S. spot Bitcoin exchange-traded funds (ETFs) has been resilient in the face of the crypto market rollercoaster. Popular trading firm QCP Capital suggested that the ongoing strong inflows to these investment products indicate overall BTC market health.
These, the analysts observed, are in contrast to the significant hemorrhaging of the newborn spot Ethereum ETFs.
BTC spot ETFs have seen strong inflows for 12 consecutive days, while ETH spot ETFs have faced outflows for 8 days. BTCs dominance in the options market reflects the macro-driven nature of the current rate-cut regime, QCP Capital told their Telegram channel subscribers.
As ZyCrypto reported previously, Bitcoin ETFs are expected to have more holdings than even the pseudonymous BTC creator Satoshi by the end of this year. Moreover, by this time next year, BlackRocks iShares Bitcoin Trust (IBIT) alone will probably be holding more BTC than Satoshi.
Text source: ZyCrypto
