Prominent cryptocurrency trader Captain Faibik revealed bold predictions on Bitcoin’s trajectory, suggesting that the correction phase is complete and a bullish surge towards the coveted $100,000 mark is on the horizon.
Bitcoin price behavior following the halving events has been a topic of great interest among investors and analysts alike.
Thus, the well-known cryptocurrency trader, Captain Faibik, made predictions about the trajectory of Bitcoin, which are summarized below.
Bitcoin Aims for $100,000
According to Crypto Faibik analysis, the BTCUSDT 1-week chart highlights the formation of a parabolic curve, which generally suggests an upward move if a breakout occurs. This bullish signal is further supported by the identification of key bases within the chart, particularly Base 3 and Base 4.
According to Faibik’s analysis, Base 3 indicates that the stock could double in a short period. Similarly, Base 4 shows similar indications, which could push Bitcoin price near $100,000 sooner rather than later.
However, as a cautionary note, crypto analyst Faibik warns that Bitcoin price may experience a drop after reaching $100,000. This could be attributed to profit-taking by investors, which caused a price correction.
Historical Performance
Similarly, well-known cryptocurrency trader Crypto Tea is among those hinting at a bullish rally for Bitcoin, drawing parallels with previous Bitcoin halving events that triggered significant price increases.
Looking back in history, the 2012 halving marked the beginning of Bitcoin’s meteoric rise, boosting its price by a staggering 92x after the halving. Subsequent halving events in 2016 and 2020 saw notable increases of 30 times and 8 times respectively.
Looking Ahead
Against this backdrop of past successes, Crypto Tea anticipates another rise in the price of Bitcoin. However, the extent of this increase after the halving remains to be seen, adding an element of intrigue to the dynamics of the developing market.
With Bitcoin currently trading around $65,094.87, the predicted rally towards $100,000 represents a significant price increase, potentially unlocking new highs for the leading cryptocurrency.
Some experts, such as PlanB, suggest that the historical trend is likely to continue, while others raise doubts. This uncertainty raises expectations among both experienced investors and new Bitcoin enthusiasts.
PlanB’s Bet on Bitcoin Remains Strong
It has been observed throughout history that the price of Bitcoin has experienced significant increases after the halving. However, speculations are being raised that this time could be different and not follow the previous pattern. During this week, analyst PlanB has suggested that this event is likely to follow the historical trend, which implies that there will be no deviation from past patterns.
Actually, PlanB emphasized in a post on X the following:
“IMO this bitcoin halving will NOT be different:
– All bitcoin price increase will again be around the halving
– Buying 6m before the halving and selling 18m after the halving (green line) will outperform buy&hold
– BTC > $100k in 2024
– BTC top > $300k in 2025.”
Now, according to the results of its S2F model, the exchange value of BTC will reach $100,000 per coin by the end of this year 2024. Likewise, it states that by 2025, BTC will reach $300,000 without problems.
In this regard, Blockstream’s Adam Back commented on PlanB’s analysis: “I’m thinking Bitcoin higher than gold in the next market cycle.”
The impact of the Halving not only boosts Bitcoin and generates media coverage, but also affects the entire market in general. As a result, a notable increase of 25.68% has been observed in the total trading volume in the crypto market in the last 24 hours.
By Leonardo Perez
