Bitcoin May Surge to $500K by 2025, According to Experts
NAIROBI (CoinChapter.com) – Chamath Palihapitiya, the CEO of Social Capital, has suggested that Bitcoin could reach or even surpass $500K per coin by October 2025. This prediction is based on historical price patterns that have occurred after previous halving events. The data indicates significant price increases between 12 and 18 months following each halving, which sets the stage for another potential surge.
Experts anticipate that the price of BTC could reach $500K by 2025. (Source: Simply Bitcoin/X)
This projection aligns with the data that demonstrates substantial price increases occurring between 12 and 18 months after each halving event, thereby setting the stage for another potential surge. Bitcoin’s Halving History: A Blueprint for Bitcoin to Reach $500K. (Source: Social Capital)
By examining the price performance of Bitcoin at different intervals after previous halving events, clear trends can be observed. While the initial months often involve reassessment and price fluctuations, significant price appreciation is observed within six to 18 months.
During the first halving cycle, Bitcoin’s price surged from around $11 to $1,038. The second cycle witnessed an even more dramatic rise, with the price increasing from $650 to $19,497. In the most recent cycle, Bitcoin skyrocketed from $8,821 to an impressive $67,000. This recurring trend suggests that the upcoming halving in 2024 could pave the way for Bitcoin to reach $500K by October 2025.
Currently, Bitcoin (BTC/USD) is trading near a critical resistance level at $72,000 as of June 3, 2024. The current price is hovering around $67,711 and is facing resistance at the $72,000 mark. This resistance level is significant as it has consistently prevented bullish advances in recent months.
Although the long-term outlook appears bullish, Bitcoin’s daily chart currently reflects a struggle. Following a surge in demand that pushed Bitcoin toward the significant $72,000 resistance region, it encountered selling pressure. The $72,000-$74,000 range has proven to be a formidable barrier, halting several upward attempts in recent months.
On the support side, the 100-day moving average at $66,000 is playing a crucial role. This level, backed by notable demand, has the potential to halt further selling pressures. However, Bitcoin’s price is currently trapped between this support and the $72,000 resistance, indicating that a breakout is necessary to establish a strong price trend.
The Stochastic RSI, a momentum oscillator, shows a reading near the oversold territory at 18.82. This suggests that the market might be undervalued, potentially leading to a bullish reversal if investor sentiment shifts.
Social Capital’s projection of Bitcoin’s potential to exceed $500K by October 2025 is not mere speculation but is grounded in historical data. The consistent pattern of substantial price increases following halving events provides a compelling argument for this forecast. As the next halving approaches, all eyes will be on Bitcoin to see if it can break its current resistance and follow its historical post-halving trajectory.