Bitcoin Analysts Predict Price Increase Based on Key Indicators - Latest cryptocurrency news

Bitcoin Analysts Predict Price Increase Based on Key Indicators

Önde gelen zincir üstü analist Willy Woo announced that an important indicator signaling Bitcoin’s 2022 dip level has been activated again. Woo emphasized that this signal indicates a possible price increase for the largest cryptocurrency.

Woo stated on the social media platform X (formerly known as Twitter) that a similar situation occurred when the crypto market reached its lowest level last year, and Bitcoin started to be withdrawn from crypto exchanges. Woo said, “Bitcoins are now being withdrawn from crypto exchanges in a strong manner. Since the market hit rock bottom, I haven’t seen such a buying movement.”

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Another leading on-chain analyst, PlanB, continues to anticipate Bitcoin’s rise. PlanB highlights the hash rate, which is a measure of the cryptocurrency’s processing power, and states that it indicates the price will remain above a certain level. They say, “Bitcoin’s price based on the hash rate reached $35,000 yesterday. In my opinion, this could mean that BTC will not drop below $35,000, except for black swan events or short-term fluctuations, based on $/kWh-arbitrage fundamentals.”

PlanB also mentioned that based on past price trends during the four-year block reward halving cycles, they predict Bitcoin will rise to $525,000 in the next four years. They noted that during the block reward halving cycles, Bitcoin tends to increase more than four times from its lowest levels. They stated, “During the 2012 block reward halving, Bitcoin was below $16. During the 2016 halving, BTC was between $256 and $1,024. During the 2020 halving, it ranged from $4,000 to $16,000. For the 2024 halving, it will be between $16,000 and $65,000. I wouldn’t be surprised if it is between $65,000 and $525,000 in the next four years.”

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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