Halving Adjusted Chart Predicts Bitcoin to Reach $14,000 – $16,000
The halving is only a few weeks away, and the community is excited as it has never been before. Many positive predictions about Bitcoin are all over the internet with some being conservative, while others let out their excitement in their analysis.
After the bear market in 2018, Bitcoin went through recovery in 2019. This year, the cryptocurrency has a chance of reclaiming most of its lost value and, if things go well, even surpassing its all-time high.
The Top is Far From in
On #Bitcoin time & price:
Using 2016 halving with adjusted approximate timing of a maturing market (being conservative)
At this point, if channel continues, I think it's reasonable to expect around 14-16k before I start to unwind$BTC pic.twitter.com/74ZHjvV1A5
— Brent (@blockchainblitz) February 19, 2020
Blockchainblitz, a twitter user, submitted the chart based on the 2016 halving. According to his analysis, the most conservative, sober and reasonable prediction of the halving effect is Bitcoin topping out between the $14,000-$16,000 ranges.
For many, this prediction is underwhelming as it only comes close to Bitcoin’s all-time high that nearly crossed the $20,000 mark.
The tweet highlights that the prediction is conservative, meaning that it is probably the worst-case scenario of the halving effect. Moreover, other factors will influence the price aside from the much-anticipated halving.
Bitcoin has had a tremendous February with the appearance of a golden cross and bouncing off long-term MAs.
Many expect this new Bitcoin cycle to topple the height reached by the 2015-2017 cycle, which saw Bitcoin rise exponentially especially during the last stages of the cycle.
At the very least, Bitcoin must surpass its all-time high to satisfy the community. However, more is expected from the cryptocurrency as predictions as high as $80,000 have been quoted in the past.
The community is largely depending on the halving to give the strongest push towards at least $16,000, and that’s being very conservative.
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Sal Miah is the senior editor at Blockspectator News and is a regular contributor to a variety of cryptocurrency news websites and projects. He has written hundreds of articles on numerous topics related to blockchain and also has a special interest in financial markets. Contact him directly at email@example.com