- Lark Davis predicts a 600% surge in Bitcoin value post-halving.
- Davis’ analysis shows a decreasing trend in Bitcoin’s price fluctuations.
- The next Bitcoin halving event is expected in April 2024.
Lark Davis, a distinguished cryptocurrency investor and the founder of Wealth Mastery, has projected a potential surge in Bitcoin
Davis suggests that Bitcoin is poised for a 600% surge, which he anticipates will transpire in the markup phase succeeding the forthcoming Bitcoin halving event. He elaborates that his projected target is predicated on the presumption that, given the current Bitcoin price scenario, the bull market’s peak lies between $150,000 and $180,000.
Davis utilized a comprehensive snapshot of Bitcoin’s weekly chart from TradingView to elaborate on his stance. The graph displayed Bitcoin’s regular cyclical patterns throughout past halving occurrences. According to Davis’ depiction, each accumulation phase before a Bitcoin halving averages around 75 weekly bars. Consequently, Bitcoin is in an advanced accumulation stage, with several weeks remaining.
It’s crucial to highlight that Davis’ cyclical analysis indicates a decreasing trend in Bitcoin’s price fluctuations. The downward and upward price trends show a diminishing yield with each successive cycle. Consequently, the anticipated post-halving surge of 600% is lower than the preceding bull market, which stood at 724%.
Davis, however, pointed out that the present Bitcoin price level presents an optimal opportunity for investors to expand and strengthen their portfolios. He confidently asserted that such a favorable period would not be perpetual.
The Bitcoin halving is a programmed event within the Bitcoin protocol that reduces the reward for mining Bitcoin blocks by 50%. This event, which is hard-coded into the Bitcoin algorithm, occurs approximately every four years. It serves as a mechanism to regulate the supply and demand dynamics within the Bitcoin network and will persist until the final Bitcoin is mined, projected to be in the year 2140. The forthcoming Bitcoin halving is anticipated to take place in April 2024.
