According to a cryptocurrency analyst, the price of bitcoin could triple to $63,000 before the next bitcoin halving.

 

Renowned crypto analyst and YouTube channel host InvestAnswers claims that bitcoin (BTC) could easily triple in price ahead of the next halving.

In a new strategy session, the analyst explains to his 444,000 YouTube subscribers that strong BTC rallies typically precede bitcoin's halving, an event in which miners' block rewards are cut in half,  which reduces future supply.

According to the analyst, historical precedents based on halving dates place BTC around the $63,000 level in March 2024, which would represent a gain of more than 200% from current prices.

“Historically, bitcoin starts to rally 15 months before the next halving.  The next halving is expected in April or May 2024 – lots of rumors are circulating that it could take place in December 2023, depending on the actual timing of the bocks if it goes under 10 minutes.  I'm still sticking to the April 2024 deadline.

November 2022 is 15 months away from this halving date… Bitcoin tends to end at 39% of its trading level 24 months before the halving, which would imply March 2022 at $45,538 times a plus 39%  .  [($45,538* (1+39%)]… This should bring us to $63,160 in March 2024.

And remember that's not the end of the story.  It's after the halving that the real action happens.  But first, there is a race.  So think about it.  In fifteen months, that represents a little over a year and a quarter, which is not very long.  Bitcoin can triple and can do much more after that.  »

At the time of writing, BTC is changing hands for $20,507, unchanged on the day.



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