{"id":571896,"date":"2024-01-26T20:00:21","date_gmt":"2024-01-26T20:00:21","guid":{"rendered":"https:\/\/wncen.com\/?p=571896"},"modified":"2024-06-11T10:15:53","modified_gmt":"2024-06-11T10:15:53","slug":"analyst-bitcoin-250000-before-halving","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/analyst-bitcoin-250000-before-halving\/","title":{"rendered":"Analyst Predicts Bitcoin to Hit $250,000 Before Halving"},"content":{"rendered":"

In a post shared on X on January 26, crypto analyst BitQuant\u00a0<\/span>forecasts<\/span><\/a>\u00a0that Bitcoin (BTC) will recover from the current downtrend and surge past its all-time high of $69,000 to over $250,000 before the upcoming Bitcoin halving in April.<\/span><\/p>\n

\"BTC
BTC to $250,000 before halving | Source: BitQuant on X<\/figcaption><\/figure>\n

Bitcoin To $250,000 Before Halving?<\/span><\/h2>\n

From the chart shared, BitQuant notes that Bitcoin is still trending inside a rising channel. Out of the multi-year uptrend that the coin is in, this channel’s next “touch” is projected to be at around $250,000. <\/span><\/p>\n

For now, if the trend line guides, Bitcoin has immediate resistance at about $80,000. This level should be the next key target for bulls to retest. According to BitQuant, it is likely that Bitcoin will float above this line to $250,000 by April before the network automatically halves block mining rewards.<\/span><\/p>\n

\"Bitcoin<\/a>
Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

Extrapolating from the analyst’s preview, the Bitcoin uptrend remains valid until the upper limit defined by the rising trend line is “touched.” Even so, when this level will be breached is not specified. <\/span><\/p>\n

Related Reading: Is Chainlink (LINK) Ready To Soar? Key Indicators To Monitor<\/a><\/div>\n

Once this line is tested, placing the coin at over $250,000, it will likely follow its historical pattern by cooling off. <\/span>The depth of this retracement is not also defined but is expected to be deep since BitQuant said the coin will “die.”<\/span><\/p>\n

BitQuant explained that this “dying” period refers to Bitcoin’s price going below its previous all-time high. The retracement will be expected. This is common after halving since supply tends to increase as demand for the coin softens. Despite this temporary setback, BitQuant remains confident that BTC will regain momentum and continue its long-term upward trend.<\/span><\/p>\n

Spot Bitcoin ETF Issuers Buying, BTC Stabilizes Above $39,500<\/span><\/h1>\n

Though the analyst remains bullish, it is unclear how prices will pan out for now. The United States Securities and Exchange Commission (SEC<\/a>) recently approved multiple spots for Bitcoin exchange-traded funds (ETFs).<\/span><\/p>\n

Though issuers have been ramping up purchases, Grayscale Investments have liquidated their Grayscale Bitcoin Trust (GBTC), selling shares and dumping coins via exchanges.<\/span><\/p>\n

Related Reading: Report Shows Polygon Users Rivaled Ethereum In 2023, But Why Has Price Failed To Clear $1?<\/a><\/div>\n

Recent\u00a0<\/span>data<\/span><\/a>\u00a0from Lookonchain reveals that GBTC reduced 10,872 BTC worth over $447 million on January 25. Meanwhile, eight spot Bitcoin ETF issuers added 8,744 BTC, with BlackRock adding 4,284 BTC. On January 24, GBTC reduced 13,179 BTC with Fidelity Investments, another spot Bitcoin ETF issuer, buying 4,023 BTC.<\/span><\/p>\n

\"GBTC
GBTC offloading BTC | Source: Lookonchain via X<\/figcaption><\/figure>\n

With BTC finding demand, prices have started stabilizing, looking at the development in the daily chart. The coin is steady above $39,500, rejecting the intense selling pressure of January 22.<\/span><\/p>\n

Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

In a post shared on X on January 26, crypto analyst BitQuant\u00a0forecasts\u00a0that Bitcoin (BTC) will recover from the current downtrend and surge past its all-time high of $69,000 to over $250,000 before the upcoming Bitcoin halving in April. Bitcoin To $250,000 Before Halving? From the chart shared, BitQuant notes that Bitcoin is still trending inside a rising channel. Out of the multi-year uptrend that the coin is in, this channel’s next “touch” is projected to be at around $250,000. For now, if the trend line guides, Bitcoin has immediate resistance at about $80,000. This level should be the next key target for bulls to retest. According to BitQuant, it is likely that Bitcoin will float above this line to $250,000 by April before the network automatically halves block mining rewards. Extrapolating from the analyst’s preview, the Bitcoin uptrend remains valid until the upper limit defined by the rising trend line is “touched.” Even so, when this level will be breached is not specified. Related Reading: Is Chainlink (LINK) Ready To Soar? Key Indicators To Monitor Once this line is tested, placing the coin at over $250,000, it will likely follow its historical pattern by cooling off. The depth of this retracement is not also defined but is expected to be deep since BitQuant said the coin will “die.” BitQuant explained that this “dying” period refers to Bitcoin’s price going below its previous all-time high. The retracement will be expected. This is common after halving since supply tends to increase as demand for the coin softens. Despite this temporary setback, BitQuant remains confident that BTC will regain momentum and continue its long-term upward trend. Spot Bitcoin ETF Issuers Buying, BTC Stabilizes Above $39,500 Though the analyst remains bullish, it is unclear how prices will pan out for now. The United States Securities and Exchange Commission (SEC) recently approved multiple spots for Bitcoin exchange-traded funds (ETFs). Though issuers have been ramping up purchases, Grayscale Investments have liquidated their Grayscale Bitcoin Trust (GBTC), selling shares and dumping coins via exchanges. Related Reading: Report Shows Polygon Users Rivaled Ethereum In 2023, But Why Has Price Failed To Clear $1? Recent\u00a0data\u00a0from Lookonchain reveals that GBTC reduced 10,872 BTC worth over $447 million on January 25. Meanwhile, eight spot Bitcoin ETF issuers added 8,744 BTC, with BlackRock adding 4,284 BTC. On January 24, GBTC reduced 13,179 BTC with Fidelity Investments, another spot Bitcoin ETF issuer, buying 4,023 BTC. With BTC finding demand, prices have started stabilizing, looking at the development in the daily chart. The coin is steady above $39,500, rejecting the intense selling pressure of January 22. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":570370,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,8856,679,7720,1119,78790,7558,84647],"class_list":["post-571896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-halving","tag-bitcoin-price","tag-blackrock","tag-btc","tag-btcusdt","tag-gbtc","tag-spot-bitcoin-etf"],"acf":[],"yoast_head":"\nAnalyst Predicts Bitcoin to Hit $250,000 Before Halving<\/title>\n<meta name=\"description\" content=\"Bitcoin will reach $250,000 before the network halves miner rewards in April. 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His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/wncen.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Analyst Predicts Bitcoin to Hit $250,000 Before Halving","url":"http:\/\/wncen.com\/news\/analyst-bitcoin-250000-before-halving\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/analyst-bitcoin-250000-before-halving\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/Crypto-news-Template169.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/Crypto-news-Template169.jpg?fit=1380%2C780"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin halving","bitcoin price","blackrock","btc","btcusdt","gbtc","spot bitcoin etf"],"dateCreated":"2024-01-26T20:00:21Z","datePublished":"2024-01-26T20:00:21Z","dateModified":"2024-06-11T10:15:53Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Analyst Predicts Bitcoin to Hit $250,000 Before Halving\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/analyst-bitcoin-250000-before-halving\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/analyst-bitcoin-250000-before-halving\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/Crypto-news-Template169.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/Crypto-news-Template169.jpg?fit=1380%2C780\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin halving\",\"bitcoin price\",\"blackrock\",\"btc\",\"btcusdt\",\"gbtc\",\"spot bitcoin etf\"],\"dateCreated\":\"2024-01-26T20:00:21Z\",\"datePublished\":\"2024-01-26T20:00:21Z\",\"dateModified\":\"2024-06-11T10:15:53Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/01\/Crypto-news-Template169.jpg?fit=1380%2C780","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/571896"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=571896"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/571896\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/570370"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=571896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=571896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=571896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}