Bitcoin Price Predictions and Historical Patterns

On U.Today, Shiba Inu team member Lucie discussed the potential upcoming bull run for Bitcoin, suggesting it could arrive in the next few months.

A bull market is characterized by rising prices, benefitting cryptocurrencies like Shiba Inu due to their correlation with Bitcoin’s movements.

Lucie noted that Bitcoin’s history shows major bull runs often follow halving events, but not immediately; typically, there’s a 4-6 month waiting period. For instance, post-2012 halving, the bull run began about a year later, while in 2016, gains started roughly six months after. In 2020, acceleration began around 5-6 months post-halving.

Recent Halving and Predictions

The latest Bitcoin halving occurred in April this year. This halving reduces the supply of new Bitcoin, creating scarcity that often leads to price increases. Lucie speculates that if historical patterns hold true, Bitcoin could experience a price rally soon.

However, it’s essential to remember that past performance does not guarantee future results; various factors like market adoption and macroeconomic trends can influence price movements.

Julio Moreno, Head of Research at CryptoQuant, indicated that 2024 has seen bearish conditions similar to previous halving years, but sees potential for Bitcoin to rise in Q4. This sentiment was shared by CryptoQuant CEO Ki Young Ju, who noted that past cycles saw bull runs starting in Q4, projecting a lively performance for whales during this time.

As of now, Bitcoin is up 1.79% in 24 hours at $60,679, with Shiba Inu also gaining 5%, reaching $0.00001433.

Originally published on U.Today