Bitcoin could hit $500,000 by 2025, experts say
Nairobi (CoinChapter.com) - Social Capital CEO Chamath Palihapitiya said that based on historical price patterns, Bitcoin could reach or exceed $500,000 per coin by October 2025. This is consistent with data showing that a major price increase occurs between 12 and 18 months after each halving event, paving the way for another potential rally.

This prediction is consistent with data showing that each halving has been followed by a significant price increase between 12 and 18 months, paving the way for another potential rally.

Bitcoin’s halving history: A roadmap to $500,000
By analyzing Bitcoin’s price performance one, three, six, nine, 12, and 18 months after the last halving event, a clear trend can be seen. While the initial months typically involve re-evaluation and price volatility, significant price increases are observed between six and 18 months.

In the first halving cycle, the price of Bitcoin jumped from about $11 to $1,038. In the second cycle, the price soared from $650 to $19,497. In the most recent third cycle, Bitcoin soared from $8,821 to a staggering $67,000. This recurring trend suggests that the upcoming halving in 2024 could pave the way for Bitcoin to reach $500,000 in October 2025.

The fight at $72,000 resistance
Bitcoin (BTC/USD) is approaching a crucial 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 repeatedly limited bullish moves over the past few months.

Despite the bullish long-term outlook, Bitcoin’s daily chart is currently showing a struggle. Selling pressure came after a surge in demand pushed Bitcoin towards the important $72,000 resistance area. This $72,000-74,000 range has proven to be a strong barrier, preventing multiple 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 clear demand, with the potential to prevent further selling pressure. However, Bitcoin’s price is currently trapped between this support and the $72,000 resistance, indicating that an imminent breakout is necessary to establish a strong price trend.

The momentum oscillator, the Stochastic RSI, is showing an oversold zone reading of 18.82. This suggests that the market could be undervalued and 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 large price increases following each halving event provides a strong argument for this prediction. As the next halving approaches, people will be watching closely to see if Bitcoin can break through the current resistance and follow its historical halving trajectory.