The popular crypto analyst and host of the InvestAnswers YouTube channel says that Bitcoin (BTC) could easily go on a 3x rally before the next halving event.
In a new strategy session, the analyst tells his 444,000 YouTube subscribers that strong BTC rallies usually precede Bitcoin’s halvings, an event when miners’ block rewards are cut in half and therefore crunching future supply.
According to the analyst, historical precedence based on the halving dates places BTC around the $63,000 level by March of 2024, which would be more than a 200% gain from current prices.
“Historically, Bitcoin begins to rally 15 months before the next halving. The next halving is expected April or May 2024 – lots of rumors flying around it could happen in December of 2023, depending on the actual timing of the bocks if it goes to less than 10 minutes. I’m still sticking with the April timeframe, 2024.
November 2022 is 15 months away from that halvening date… Bitcoin tends to finish 39% from where it traded 24 months prior to the halving, and that would imply March 2022 at $45,538 times one plus 39% [($45,538* (1+39%)]… That should take us to $63,160 by March 2024.
And remember that is not the end of it. After the halvening is when the real action happens. But before, there is a run. So just think about that. Fifteen months from now is a little more than a year and a quarter, not a long time. Bitcoin can triple and then can do a lot more after that.”
At time of writing, BTC is changing hands for $20,507, flat on the day.
IDon't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/klyaksun/Sensvector