Venture capitalist and billionaire investor, Chamath Palihapitiya has predicted that Bitcoin may witness an unprecedented value improve to $500,000. This bold forecast hinges on the potential for a bull run following Bitcoin’s fourth halving cycle, which occurred on April 20 2024.
Bitcoin To Surge To $500,000
Palihapitiya has entered a notable discussion concerning the impression of historic halving cycles on Bitcoin’s worth. The billionaire investor shared a value evaluation illustrating Bitcoin’s performance and development patterns following every halving occasion.
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According to Palihapitiya, traditionally, Bitcoin has reached new all-time highs after every halving cycle. He highlighted a correlation between Bitcoin’s halving events from 2012 to 2024, detailing the cryptocurrency’s value actions one month, three months, six months, 9 months, 12 months and 18 months post-halving.
Palihapitiya famous that in the course of the first three months after a Bitcoin halving occasion, traders are normally nonetheless reassessing the occasion and its impression on the crypto market. However, he revealed that from 6 to 18 months post-halving, Bitcoin witnessed an exponential value appreciation, pushing it to new all-time highs.
“Bitcoin price has increased materially following each halving, with the bulk of the returns realized between 12 months and 18 months after the halving event,” Palihapitiya wrote.
He disclosed that 18 months after Bitcoin’s first halving cycle, the cryptocurrency’s value elevated by 45X. Following the second halving cycle, Bitcoin rose virtually 28X, and after the third halving, it surged almost 8X.
Based on these halving patterns, Palihapitiya has projected Bitcoin’s future worth to succeed in $500,000 by October 2025, anticipating it to comply with an analogous development as its earlier halving cycles.
BTC Could Replace Gold
In his dialogue, Palihapitiya disclosed that by analyzing the common patterns of Bitcoin’s earlier halving cycles, the cryptocurrency may potentially surge to a peak of $1.4 million. He declared that Bitcoin may utterly replace gold if it reaches such ranges of appreciation, emphasizing its potential to grow to be a digital forex with transactional utility for laborious belongings.
Based on the averages of the second and third halving cycles, the billionaire investor initiatives Bitcoin’s price to rise to $99,643 six months after its halving occasion in April, reaching $238,623 in 9 months, $362,997 in 12 months and almost $500,000 in 18 months.
Palihapitiya additionally disclosed a number of components that would contribute to Bitcoin’s rise to $500,000. He said that the rising demand for Spot Bitcoin Exchange Traded Funds (ETFs) may have a big impression on the worth of Bitcoin in 2024.
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This prediction could maintain weight contemplating Bitcoin noticed a constant value improve at the start of the 12 months after the approval of Spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC). The cryptocurrency’s price exceeded $73,000 after the launch of Spot Bitcoin ETF, formally marking a brand new all-time excessive since 2021.
Featured picture created with Dall.E, chart from Tradingview.com
