Bitcoin’s market capitalization has recently reached an all-time high of $1.451 trillion, signaling a bullish trend well before the upcoming Halving. Despite some profit taking and global tensions, the growing inflows into Bitcoin ETFs have been seen as a major catalyst for this bull run. But what can we expect for Bitcoin’s price after the 2024 Halving? Let’s take a closer look at the BTC price chart and make our next big prediction.
BTC Price Rally Reflects Bullish Dominance
Bitcoin’s price has already risen by 300% since December 2022, showing a strong bullish trend even before the Halving year. The weekly chart shows a rounding bottom reversal, with the recent spike to $73,000 marking a bullish breakout. However, a bearish week has just occurred after a slump, forming an evening star pattern. Despite this, some see it as a retest of the bullish breakout and expect a bounce back in the near future.
Looking at Fibonacci levels, it is possible that the uptrend could reach the 1.618% Fib level in the weeks following the Halving, potentially pushing the BTC price close to $100,000.
Bitcoin To Hit $500,000
Taking a longer view with the logarithmic price chart, we see a rising channel forming on the monthly timeframe, with a potential rounding bottom breakout. Comparing this to the last Bitcoin Halving in 2025, it is clear that HODLers are in for a massive ride. The last bull run saw an 800% rally in just one year, making the $100,000 target seem small in comparison. This is because the logarithmic chart suggests a potential target of $500,000 as the bull could potentially break through the overhead resistance in the rising channel. In other words, half a million dollars is not out of the question.
