Renowned Crypto Investor Lark Davis Predicts Bitcoin Could Surge by 600% After Next Halving
Crypto News – Lark Davis, a well-known cryptocurrency investor and the founder of Wealth Mastery, has made a bold prediction that Bitcoin could experience a staggering 600% increase in value from its current price. Davis shared his insights in a recent post on Twitter, emphasizing the historical significance of the accumulation period preceding a Bitcoin halving event as an ideal time to establish a position in the market.
Davis anticipates that Bitcoin’s ascent to this projected 600% rally will materialize during the subsequent markup phase following the next Bitcoin halving event. He clarified that his price target is based on the assumption that, in the current Bitcoin market conditions, the peak of the bullish cycle is expected to range between $150,000 and $180,000.
To support his analysis, Davis presented a detailed screenshot of Bitcoin’s weekly chart from the TradingView platform. This chart showcased Bitcoin’s consistent cyclical behavior observed during past halving events. According to Davis’ visual representation, there is typically an average of 75 weekly price bars within each accumulation period leading up to a Bitcoin halving. Consequently, Davis believes that Bitcoin is currently in the midst of an accumulation phase, with several weeks remaining before the next halving event.
It’s worth noting that Davis’ analysis highlights a diminishing trend in the extent of Bitcoin’s price movements during each cycle, both in bullish and bearish phases. As a result, the projected 600% post-halving rally is expected to be slightly less substantial than the previous bull run, which saw a remarkable 724% increase.
Despite this, Davis emphasized that the current state of Bitcoin’s price presents an opportune moment for investors to accumulate and strengthen their portfolios, while cautioning that this favorable period will not last indefinitely.
Bitcoin halving is a significant event that reduces the block rewards received by Bitcoin miners by half. This event is encoded into the Bitcoin algorithm and takes place approximately every four years. Its purpose is to introduce economic control over supply and demand within the Bitcoin ecosystem, and this process will continue until the last Bitcoin is mined in 2140. The next Bitcoin halving is anticipated to occur in April 2024.
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