Bitcoin Expected to Reach $35K Prior to Reaching This Level, Amid Ongoing Consolidation Phase, Analysts Suggest

Prominent cryptocurrency analyst Stockmoney Lizards has recently shared valuable insights on the current state of Bitcoin, focusing particularly on the upcoming Bitcoin halving event. The analyst foresees a potential surge for Bitcoin, predicting that its price could reach $250,000. This prediction is based on an analysis of Bitcoin’s past movements during previous halving periods.

In a recent tweet, Stockmoney Lizards presented a cycling pattern that showcases the fluctuations in Bitcoin’s price before and after a halving event. By studying Bitcoin’s behavior during previous halving cycles, analysts can make predictions about the future price of Bitcoin following the upcoming halving.

The first halving in 2012 saw Bitcoin priced at $32 before the event, and it subsequently skyrocketed to over $1,200. The second halving in 2016 caused a drop in price to $650, followed by a record high of $19,783. This period was followed by a “Crypto Winter,” characterized by a bullish surge and a subsequent crash.

Leading up to the 2020 halving, Bitcoin’s value was at $9,000. After the halving, it surged to a peak of $68,000 before eventually settling in the range of $20,000.

According to Stockmoney Lizards, Bitcoin could potentially drop to $35,000 as it is currently in the pre-halving consolidation phase. Looking ahead, the prediction extends to a potential surge of over 100%, projecting the price of Bitcoin to reach around $250,000 shortly after the halving in the next six months.

Bitcoin price analysis takes into account a variety of factors, including technical analysis and market sentiment. Currently, Bitcoin is trading at $42,661, showing a slight decrease of 1.9% over the past week. The 24-hour trading volume indicates a decline of 24.1%, with the market cap hovering around $835.12 billion.