Bitcoin

Rare

A crypto analyst has forecasted that <a href="https://bitcoinist.com/bitcoin-screams-huge-opportunity-gold-high/">Bitcoin</a>, the world’s largest cryptocurrency, will double in price in the coming months.&nbsp; 
<h2 id="bitcoin-price-displays-rare-technical-pattern">Bitcoin Price Displays Rare Technical Pattern</h2> 
In a recent X (formerly Twitter) post, a crypto analyst and Bitcoin enthusiast identified as ‘TechDev’ <a href="https://x.com/techdev_52/status/1776964413603332417?s=46" rel="nofollow" target="_blank">disclosed</a> a rare <a href="https://bitcoinist.com/when-bitcoin-top-historical-pattern-provide-hints/">technical pattern</a> observed in BTC’s price movements. Sharing a price chart illustrating Bitcoin’s <a href="https://bitcoinist.com/bitcoin-november-finale-seen-by-historical-numbers/">historical price fluctuations</a> since 2011, TechDev unveiled a distinct correlation in the cryptocurrency’s price movements across 2013, 2017 and 2022. 
According to the analyst, <a href="https://bitcoinist.com/bitcoin-price-nears-all-time-high-5-key-factors/">Bitcoin’s price</a> during these years had closed two consecutive months over the upper <a href="https://bitcoinist.com/bollinger-bands-creator-bitcoin-downtrend-might-be-over/">Bollinger bands</a>. He revealed that previously when this happened, the price of BTC had doubled within three months from its initial price value.&nbsp; 
Based on his analysis of this rare technical indicator, TechDev disclosed that a <a href="https://bitcoinist.com/historical-bull-run-pattern-finally-forming-bitcoin/">similar pattern was showing up for BTC’s price</a> in 2024. This suggests that the cryptocurrency may see its price doubling to almost $140,000 by July 2024.&nbsp; 
At the time of writing, the price of Bitcoin is trading at $69,740, reflecting a 0.57% increase over the past 24 hours, according to CoinMarketCap. The cryptocurrency has been on a notable uptrend since the beginning of the year, <a href="https://bitcoinist.com/bitcoin-price-surges-to-new-all-time-high-is-100000-in-sight/">reaching new all-time highs</a> well before the anticipated Bitcoin halving this April. 
With <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-primed-to-clear-71500-and-rally-again/" rel="nofollow noopener" target="_blank">BTC’s price trajectory on a steady momentum</a> and capturing the attention of the broader crypto community, this latest forecast adds more fuel to the growing hype and <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-sentiment-extreme-greed-btc-71000/" rel="nofollow noopener" target="_blank">bullish sentiment</a> surrounding the cryptocurrency.&nbsp; 
<h2 id="countdown-to-the-halving-event">Countdown To The Halving Event</h2> 
Popular crypto analyst, Ali Martinez, has <a href="https://x.com/ali_charts/status/1776754312796086656?s=46" rel="nofollow" target="_blank">begun a countdown</a> to the highly anticipated <a href="https://www.newsbtc.com/news/bitcoin/when-is-the-next-btc-halving-date-bitcoin-halving-guide/" rel="nofollow noopener" target="_blank">Bitcoin halving event</a> set for April 2024. Expressing optimism about the 4-year Bitcoin supply cut, Martinez revealed that there were less than two weeks left until the halving event kicked in.&nbsp; 
During this period, the block rewards for <a href="https://bitcoinist.com/bitcoin-halving-havoc-only-a-few-miners-may-survive/">BTC miners</a> will be cut in half, reducing the rate at which new coins are created and thus decreasing the supply and potentially increasing the value of the cryptocurrency.&nbsp; 
Santiment reports have <a href="https://x.com/santimentfeed/status/1777087172786713020?s=46" rel="nofollow" target="_blank">revealed</a> a strong inclination that the market’s current elevated performance may likely continue up until the halving event.&nbsp; 
Conversely, Martinez disclosed that selling pressures could take hold of the current market if Bitcoin witnessed an upswing to $70,190. He projected around $33 million in liquidations across derivatives exchanges if BTC rises to the aforementioned target.&nbsp; 
Furthermore, the crypto analyst noted a significant rise in sellers during Bitcoin’s recent dip below $70,000. <a href="https://x.com/ali_charts/status/1777134454420439063?s=46" rel="nofollow" target="_blank">Predicting</a> a potential rebound to $70,875, he anticipates approximately $72 million in liquidations. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/zipPrMNG/" alt="Bitcoin price chart from Tradingview.com" width="3286" height="1530">

Crypto Expert Says Bitcoin Price Is Set To Double, Here’s Why

Table of Contents

Bitcoinist

Other articles published on Apr 8, 2024

Pawing Forward: BobaCat's Strategic Leap into an Impactful Quarter 🐾

The War of Meme ($WOME): A New Contender Rises In The Cryptosphere

Bitcoin Climbs Above $69,500 With Key Trading Developments on the Horizon

By The Numbers: How Will Bitcoin Mining Costs Change Post-Halving?

Bitcoin Hater Jamie Dimon Compares AI to Steam Engine

Week Ahead for Crypto: BNB, SOL, and XRP Bracing for Market Shakes

Join our free newsletter for daily crypto updates!