A YouTube crypto analysis from Crypto Tips addressed how high Bitcoin’s price could go during this bull run. The analyst referenced other analysts’ views and also considered Bitcoin’s post-halving occurrences to make his prediction.
The speaker provides what he considers bullish Bitcoin news. Although he admits there are some negative sentiments, the overall outlook for Bitcoin seems optimistic when looking at upcoming events and historical patterns.
The crypto analysts referenced Joe Corva Sari who mentioned that even with cuts to discretionary spending by the U.S. government, there would still be a budget deficit due to mandatory spending on interest, Medicare, Medicaid, Social Security, and military benefits. This unsustainable financial situation is described as a “train wreck” that is inevitable without significant reform.
Lynn Alden’s commentary reinforces this by stating, “Nothing stops this train.” Commenting on the statement, the speaker thinks that the current system will collapse and central bank digital currencies (CBDCs) could replace the USD. Based on this outlook, the speaker advises viewers to consider buying Bitcoin and Monero as a hedge against the collapsing traditional financial system.
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Buying the Bitcoin Dip
The presenter thinks the bear market will be very severe and the price of various markets will drop significantly. However, the fundamentals for BTC remain strong. With this in mind, the speaker thinks it is logical to sell other assets to buy BTC at lower prices.
A specific reference is made to Joe Kerrey, a Bitcoin maximalist who believes that Bitcoin will never drop below $7,000 again after passing certain milestones. However, the speaker argues that those overly optimistic about continuous price rises might be disappointed in the next bear market.
Read Also: XRP Price Could Spike to $10,000 Based on These Revelations by Ripple’s Vice President
Fear and Greed Index: Market Sentiment Analysis
The fear and greed index is currently reading 25, which shows extreme fear. The crypto analyst thinks it is a good sign because open interest in Bitcoin is dropping as leveraged positions are flushed out.
This reduction in leverage is seen as beneficial for the long-term health of the Bitcoin market. However, the speaker insists this is an unpopular opinion.
Historical Performance of Bitcoin Post-Halving Events
Bitcoin’s post-halving event has also shown how BTC price behaves following every halving in the past years. In 2012, following the halving, BTC rose from $182 to $510 within 12 months. In 2016, the price spiked from $661 to $2,600 after 12 months. In 2020, we saw a jump from $8,600 to $58,000 within the same period.
The last increase was a 574% spike and that was because more people came into crypto. With the current situations like the increasing adoption of BTC, the approval of Bitcoin ETFs, and the introduction of CBDCs, the speaker thinks Bitcoin could repeat the last over 500% spike.
The speaker discourages selling Bitcoin too early since past cycles have shown what could happen in the next few months. The crypto investor will be selling some of his altcoins to hold more Bitcoin.
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