Bitcoin experts claim that the price of Bitcoin could reach or exceed $500,000 per coin by October 2025. This is based on historical price patterns, following the trend after each halving event. This prediction is consistent with data, which shows that prices have risen significantly within 12 to 18 months after each halving, paving the way for another potential surge.

By studying Bitcoin’s price performance one, three, six, nine, twelve, and eighteen months after previous halving events, a clear trend can be seen. While the initial months often involve re-evaluation and price volatility, significant price increases can be observed within six to eighteen months.

During the first halving cycle, the price of Bitcoin rose from approximately $11 to $1,038. During the second cycle, the price skyrocketed from $650 to $19,497. Most recently, during the third cycle, Bitcoin surged from $8,821 to a staggering $67,000. This cyclical trend suggests that the upcoming halving event in 2024 could lay the foundation for Bitcoin to reach $500,000 by October 2025.

Bitcoin (BTC/USD) is trading near a critical resistance level as of June 3, 2024. The current price is hovering around $67,711 and faces resistance at $72,000. This resistance level is crucial as it has been limiting the development of bullish moves over the past few months.

Despite the bullish long-term trend, Bitcoin’s daily chart is currently showing a struggle. Selling pressure came after a surge in demand pushed Bitcoin close to the important $72,000 resistance area. This $72,000 to $74,000 range has proven to be a strong barrier, preventing several upward attempts in recent months.

In terms of support, the 100-day moving average at $66,000 plays a vital role. This level is supported by significant demand, which has the potential to prevent further selling pressure. However, Bitcoin's price is currently trapped between this support and the $72,000 resistance, indicating that a breakthrough must take place to establish a strong price trend.

The momentum oscillator, the Stochastic RSI, is showing a reading close to oversold territory at 18.82. This suggests that the market may be undervalued, which could lead to a bullish reversal if investor sentiment shifts.

Social Capital’s prediction of Bitcoin’s potential to exceed $500,000 by October 2025 is not just speculation, but is based on historical data. The consistent pattern of significant price increases following halving events provides a strong argument for this prediction. With the next halving approaching, all eyes will be on Bitcoin to see if it can break through current resistance and follow the historical halving trajectory.