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Bitcoin

Crypto Analyst Says Bitcoin Price Will Surge 500% To $330,000, Here’s When

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a bold forecast, a crypto analyst predicted that Bitcoin (BTC), the world’s largest cryptocurrency will witness a massive 500% surge to $330,000. Considering how ambitious this price target is, the analyst’s bullish projection has caught the attention of various members of the crypto community. 

Analyst Predicts Bitcoin’s Rally To $330,000

On July 10, Arsen Thagapsov, a crypto analyst expressed bullish optimism for Bitcoin’s future outlook, foreseeing the price of the cryptocurrency surging to $330,000 in the 2024 bull cycle. In his X (formerly Twitter) post, the analyst has based his ambitious forecast on a recurring pattern identified in Bitcoin’s historical price movements. 

Related Reading: Shiba Inu Team Member Says Major Update Is Coming – Here’s What We Know

Sharing a price chart depicting BTC’s bull cycles and their respective record highs, Thagapsov disclosed that Bitcoin has continually experienced significant price increases to new all-time highs after every four-year cycle. These cycles also coincide with Bitcoin’s halving events, which occur every four years. 

Bitcoin
Source: X

To prove this point, the analyst outlined Bitcoin’s previous bull cycles in 2012, 2016 and 2020. According to Thagapsov, in 2012, BTC rose from a modest price of $12 to $1,000, marking an outstanding 9,000% increase in its value. 

Following this cycle, the cryptocurrency witnessed another massive price surge from $650 to $19,000 in 2016, highlighting a substantial 3,000% spike. In 2020, which marked one of the largest BTC rallies ever recorded, despite the market volatility at the time, Bitcoin jumped from $8,000 to a previous all-time high of $69,000, reflecting a massive 1,200% price surge. 

Based on this reoccurring bullish trend, Thagapsov predicts that BTC will experience a 450% price increase to $330,000 in the 2024 market cycle. Between each four-year cycle, Thagapsov has counted approximately 800 days before a Bitcoin bull run. Based on his price chart, the market has already entered a bull run and is slowly gaining momentum to potentially hit new all-time highs soon. 

Update On BTC’s Price

Despite Thagapsov’s optimistic forecasts, Bitcoin has been on a major downward trend, encountering substantial volatility and price declines amid ongoing market instability. While various analysts have predicted massive rallies for BTC in this bull cycle, recent weeks have seen the cryptocurrency’s price value falling below the $60,000 mark. 

Related Reading: Crypto Fear & Greed Index Falls To Extreme Fear For The First Time In 1.5 Years

According to crypto analyst, Ali Martinez, the crypto market is displaying a feeling of extreme fear, potentially attributed to Bitcoin’s waning value and large-scale liquidations. As of writing, BTC is trading at $58,041, marking a 14% price drop over the past month, according to CoinMarketCap.

While Bitcoin’s underperformance in June and July may have ruffled a few feathers, Martinez has revealed that the cryptocurrency’s accumulation trend score is finally looking positive. The analyst pinpointed a notable shift in investors’ sentiment, highlighting that many investors are now actively accumulating BTC after an extended period of distribution in April. 

Bitcoin price chart from Tradingview.com
BTC bulls push price above $58,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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