Bitcoin’s price behavior following halving events has been a subject of keen interest among investors and analysts alike. Prominent crypto trader Captain Faibik revealed bold predictions about Bitcoin’s trajectory, suggesting that the correction phase is complete and a bullish surge towards the coveted $100k mark is on the horizon.
Bitcoin Eyes For $100k
According to the Crypto Faibik analysis, the 1-week BTCUSDT chart highlights the formation of a parabolic curve, typically suggesting an upward movement if a breakout occurs. This bullish signal is further endorsed by the identification of key bases within the chart, particularly Base 3 and Base 4.
As per Faibik’s analysis, Base 3 indicates that the stock could double in a short period. Similarly, Base 4 exhibits similar indications, potentially propelling Bitcoin’s price to near $100,000 sooner rather than later.
However, on a cautionary note, crypto analyst Faibik warns that the price of Bitcoin may experience a downturn after hitting $100,000. This could be attributed to profit-taking by investors, leading to a price correction.
Historical Performance
Similarly, well-known Crypto trader Crypto Tea is among those hinting at a bullish rally for Bitcoin, drawing parallels with previous Bitcoin halving events that triggered significant price surges.
Looking back at history, the 2012 halving marked the beginning of Bitcoin’s meteoric rise, propelling its price by a staggering 92X post-halving. Subsequent halving events in 2016 and 2020 saw notable increases of 30X and 8X respectively.
Looking Ahead
Against this backdrop of past successes, Crypto Tea anticipates another surge in Bitcoin’s price. However, the extent of this surge post-halving remains to be seen, adding an element of intrigue to the unfolding market dynamics.
With Bitcoin currently trading around $65,094.87, the anticipated rally towards $100,000 represents a significant price increase, potentially unlocking new highs for the leading cryptocurrency.
