Bitcoin (BTC) Price to Exceed $200K by June 2024 If History Repeats
History shows that BTC could be on the verge of another massive rally, potentially taking it to over $200K.
2024 has already been quite spectacular for the cryptocurrency market. Bitcoin, for one, added more than 60% of value in about two months and skyrocketed to a new all-time high registered yesterday.
The previous time that the asset broke its ATH, its price tripled in the following three months or so. If something similar is to happen again, BTC could be on the verge of going well within a six-digit price territory.
Posting on the run 🤦🏻♂️
— Bitcoin Archive (@BTC_Archive) March 5, 2024
2021 was a big year for BTC as the asset jumped to $69,044 (according to CoinGecko) in November amid hype around the then-approved futures ETFs.
However, the next year was entirely different, with numerous industry crashes and bankruptcies, as well as macroeconomic challenges such as wars and inflation. Consequently, BTC slumped hard and went well below $20,000 by 2022’s end.
Last year began on a more positive note and things picked up even more when the world’s largest asset manager – BlackRock – filed for a spot Bitcoin ETF in June. Numerous other financial giants followed, and the sentiment regarding the approval of such products changed to “it is a matter of time.”
BTC reacted to that hype with price increases and jumped to over $40,000 by the beginning of 2024. Those financial products were indeed approved in mid-January, which led to immediate volatility. However, the record-setting inflows eventually resulted in a more sustainable increase in BTC’s prices.
This culminated yesterday when the cryptocurrency broke its previous ATH set in November 2021. Given the upcoming halving, scheduled to take place in just over a month, and BTC’s price movements after each of the previous ones, there’s even more hype that the asset will keep rising in value.
If history repeats, as shown in the tweet above, Bitcoin could exceed $200,000 by June. Should that happen, its market capitalization will go to around $4 trillion, making BTC bigger than Microsoft and Apple (according to current prices).
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Institutions: HBM Expected to Increase in Price by 80%–100% in Q1 Next Year, Long-term Storage Contracts May Be Locked Until 2035
KeyBanc analyst Vinh believes that storage suppliers are significantly shifting capacity towards data centers, and next year, PC and mobile storage supply will drop sharply by 20%-30%. In Q4 this year, both DRAM and NAND are expected to surge by more than 15%. HP and Dell have extended supply agreements until 2031, and Google is negotiating long-term agreements covering up to 2035.
Why Is NEAR Up 10%? Four Protocol Catalysts Behind the 30-Day 120% Rally
Alcoa (AA.US) Q3 Conference Call: Global Aluminum Inventory Only Enough for 42 Days of Consumption, Data Center Construction Continues to Tighten Aluminum Supply and Demand
Financial report data shows that Alcoa's cash generation capacity has strengthened in tandem—the adjusted EBITDA for the third quarter was $789 million, up 192.2% year-on-year compared to $270 million in the same period last year. Operating cash flow increased from $85 million in the same period last year to $643 million, while free cash flow unexpectedly turned from a net outflow of $66 million to a net inflow of $472 million.
Crypto prices
More
