Benzinga
Published Nov 27, 2023 18:05
Updated Nov 27, 2023 19:10
Can Bitcoin Soar To A Historic $524,000? Plus: Analyst Predicts Major Moves For Chainlink, Ocean Protocol, Polkadot
Benzinga - by Murtuza Merchant, Benzinga Staff Writer.
Bitcoin (CRYPTO: BTC), Chainlink (CRYPTO: LINK), Ocean Protocol (CRYPTO: OCEAN), and Polkadot (CRYPTO: DOT) are at the forefront of potential major price movements, analysts say.
Bitcoin is projected to reach $524,000 over the next four years based on its historical performance during its halving cycles, according to a forecast from on-chain analyst PlanB.
At the 2012 halving, most Bitcoin was valued at less than $16. By the 2016 halving, it was in the $256 to $1,024 range.
The 2020 halving saw most Bitcoin in the $4,000 to $16,000 range.
Extrapolating from this trend, PlanB anticipates that by the 2024 halving, most Bitcoin will be valued in the $16,000 to $65,000 range.
Furthermore, the analyst wouldn't be surprised if, in the next four years, most Bitcoin transactions occur in the $65,000 to $524,000 range, indicating a potentially massive increase in Bitcoin's value.
Also Read: Binance Founder Zhao Defies US Government's Flight Risk Accusations
In addition to Bitcoin, other cryptocurrencies are also under the microscope of analysts.
Analyst Rekt Capital shared insights on Chainlink, Ocean Protocol, and Polkadot.
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© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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