Miles Deutscher, Blockchain and DeFi analyst, highlighted an important date for Bitcoin (BTC) investors when analyzing the price performance of the largest cryptocurrency on the market in the months leading up to the halving in its second and third cycles.
In his analysis shared on October 9, the expert highlighted that November 21 has historically been the key point for an upward change in the price of Bitcoin.
“Recent #Bitcoin price action still reflects the last 2 cycles. This is typical sideways price action that occurs from the second to fourth quarter in years prior to the halving. November 21st has historically been the key point for a bullish move. It will be interesting to see how $BTC responds.”
#Bitcoin‘s recent price action is still mirroring the last 2 cycles.
This is typical sideways price action that occurs from Q2-Q4 in pre-halving years.
— Miles Deutscher (@milesdeutscher) October 10, 2023
At the time of publication, the price of Bitcoin was quoted at US$27,517.98, up 0.1% in the last 24 hours.
Bitcoin Price Forecast for 2024-2028: Analyst Points to ETF and Halving as Catalysts for 3,219% Rise
Amid the busy cryptocurrency scene, a bold prediction is attracting attention. The anonymous host of the InvestAnswers channel, which has an audience of 447,000 YouTube subscribers, released an analysis that suggests potential stratospheric growth for Bitcoin (BTC) in the coming years.
According to the expert, the possible approval of a spot Bitcoin exchange-traded fund (ETF) could be the catalyst for a massive inflow of investments by big Wall Street names. We’re talking about giants like Fidelity Investments, Charles Schwab, Citadel, Deutsche Bank, BlackRock, Nomura and Franklin Templeton, which together have an impressive US$25.22 trillion in assets under management.
The math is simple, but the implications are profound. If these seven financial powerhouses decide to allocate just 0.5% of their assets to Bitcoin ETFs in the year following the 2024 BTC halving, we could see the value of Bitcoin jump by around 3,219% over a five-year period. This would put BTC at a value close to $920,000 per unit by April 2028.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.