As optimism returns to the cryptocurrency market with its representative asset, Bitcoin (BTC), crossing the threshold at $38,000 and establishing itself above it, more good news could be around the corner, considering that miners have only 21,000 BTC blocks left to mine until its next halving event.
Specifically, as the Bitcoin halving, estimated to happen in April 2024, approaches with only 21,000 blocks left, the realized price, i.e., the average purchase price of all BTC, could rise with it, according to the chart pattern analysis shared by cryptocurrency expert Root in an X post on November 30.
Indeed, the historical trends demonstrate that cycle bottoms for the flagship decentralized finance (DeFi) asset typically occur at 80,000 – 75,000 blocks left, after which the price steadily rises until the halving itself and then moves toward cycle peaks and even all-time highs (ATHs).
It is also worth noting that the target of around $250,000 after Bitcoin’s halving is a prediction by pseudonymous crypto trading analyst Trader Tardigrade as well, who recently shared an expectation that Bitcoin could grow toward $50,000 as the event approaches, after which it could rally to $250,000 and beyond.
Bitcoin price analysis
Meanwhile, Bitcoin was at press time changing hands at the price of $38,627, recording an increase of 2.33% in the last 24 hours, as well as gaining 2.66% across the previous seven days and making a more significant advance of 12.15% on its monthly chart, according to the data on December 1.
All things considered, halving events are usually a bullish trigger for the price of the maiden crypto asset, and in combination with the anticipated approval of the first spot Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC), could send this asset toward new ATH.
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