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Bitcoin has achieved yet another all-time high this week, prompting speculation among analysts and investors regarding the eventual culmination of this latest price surge.
Continued Price Rally
The leading cryptocurrency has experienced a remarkable ascent, surging by more than 70% since the beginning of the year. Breaking through the $70,000 mark for the first time in its 15-year history, Bitcoin has extended its gains, building upon a staggering 150% increase witnessed last year. Starting from below $17,000 at the outset of 2023, Bitcoin has increased by more than 70%.
This price surge has been primarily driven by a fresh influx of institutional investors, particularly after the US Securities and Exchange Commission approved the first-ever Bitcoin spot exchange-traded funds (ETFs).
Anticipation Surrounding the 'Halving' Event
Adding further momentum to the price rally is the anticipation surrounding an impending event known as the 'halving,' slated to occur on April 19. Historically, previous halving events have preceded remarkable price rallies. Occurring approximately every four years, this event involves halving the rewards for mining the cryptocurrency, a factor many believe to be pivotal in Bitcoin's quadrennial price cycles.
One prominent price prediction model incorporating halving cycles is the Stock-to-Flow (S2F) model, devised by the pseudonymous Dutch analyst PlanB.
According to the Independent, with a growing social media following exceeding 2 million, PlanB's model has garnered attention for its apparent accuracy, particularly in forecasting Bitcoin's price movements.
Despite previous price crashes, PlanB remains bullish on the potential of his S2F model, foreseeing Bitcoin's price soaring well beyond $100,000 in the current cycle. He envisions Bitcoin's scarcity, capped at 21 million Bitcoins, propelling it to rival the market capitalization of gold, potentially driving its price tenfold higher than its current levels.
Balancing Bullish Forecasts with Caution
Amidst these optimistic forecasts, speculation exists regarding the eventual Bitcoin price downturn. Historical precedents reveal significant declines following previous price rallies in 2013, 2017, and 2021, ranging from 77% to 84%.
A Coin Speaker report says the bullish forecast from renowned entrepreneur Robert Kiyosaki further boosts the optimistic outlook for Bitcoin's future. Predicting a surge to $300,000 per coin by the end of 2024, investors increasingly recognize Bitcoin as an enticing investment opportunity with significant growth prospects.
Analysts are thus closely monitoring the ongoing surge, recognizing the potential for further gains while remaining cautious of historical patterns that suggest significant corrections may follow.
Photo: Kanchanara/Unsplash
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