According to Stockmoney Lizards, a well-known cryptocurrency Twitter user, Bitcoin will increase to $48,000 by April 2024. Based on a Fibonacci retracement sample that performed well before the 2020 halving of Bitcoin, that forecast was made. The analyst considered each period and determined that a sample of equivalent value was already developing. That is taking place some months before the halving event.
Using a snapshot of the Bitcoin value chart, Stockmoney verified that since the middle of 2017, Bitcoin’s value has traded above a certain trendline. With a series of pullbacks, the value identified key areas and created a sample in line with customary crypto value practices.
The price of bitcoin fell to a low and honored the 61.8 percent Fibonacci retracement leading up to the 2020 halving event. Before the actual bull run began, that retracement drove Bitcoin’s price to a pre-halving level of $13,000. Following a similar pattern, Stockmoney projects that a 61.8 Fibonacci retracement would raise Bitcoin’s price to $48,000 before the subsequent halving.
According to an optimistic Bitcoin value estimate, renowned Bitcoin investor Lark Davis views the months leading up to the next Bitcoin halving as an accumulating period. According to him, everything that affects the price of Bitcoin during this time might be considered an accumulation.
According to Davis, the precise price increase in a bull run for Bitcoin happens after the halving. He observed that historically, dramatic value would rise following the halving event, leaving 18 to 24 months before the next bull high. He has thus started buying Bitcoins in preparation for the bull run.
The next Bitcoin halving is anticipated to take place on April 26, 2024, or around 10 months from now. When a bear market ended in November 2022, the first cryptocurrency bounced from a low of $15,479 and was trading at $26,511 at the time of writing.
