Can Bitcoin Soar To A Historic $524,000? Plus: Analyst Predicts Major Moves For Chainlink, Ocean Protocol, Polkadot

Author: Murtuza Merchant | November 27, 2023 02:05pm

Bitcoin (CRYPTO: BTC), Chainlink (CRYPTO: LINK), Ocean Protocol (CRYPTO: OCEAN), and Polkadot (CRYPTO: DOT) are at the forefront of potential major price movements, analysts say.

Bitcoin is projected to reach $524,000 over the next four years based on its historical performance during its halving cycles, according to a forecast from on-chain analyst PlanB.

At the 2012 halving, most Bitcoin was valued at less than $16. By the 2016 halving, it was in the $256 to $1,024 range.

The 2020 halving saw most Bitcoin in the $4,000 to $16,000 range.

Extrapolating from this trend, PlanB anticipates that by the 2024 halving, most Bitcoin will be valued in the $16,000 to $65,000 range.

Furthermore, the analyst wouldn't be surprised if, in the next four years, most Bitcoin transactions occur in the $65,000 to $524,000 range, indicating a potentially massive increase in Bitcoin's value.

Also Read: Binance Founder Zhao Defies US Government's Flight Risk Accusations

In addition to Bitcoin, other cryptocurrencies are also under the microscope of analysts.

Analyst Rekt Capital shared insights on Chainlink, Ocean Protocol, and Polkadot.

Chainlink: Rekt observed that it needs a weekly close similar to early 2021 to rally higher. Chainlink is currently struggling to break the top of a specified resistance zone, and a reclaim of this level is necessary for further upward movement.
Ocean Protocol: Rekt pointed out that the cryptocurrency is at a critical juncture with its monthly close approaching and currently facing high resistance. A monthly close above this resistance level would signal a bullish trend. Dips into the lower green region would indicate a retest of the range low and suggest consolidation within the specified range.
Polkadot: Rekt noted that the cryptocurrency is on the verge of confirming a new macro uptrend. Polkadot might soon experience significant growth, aligning with the general optimism surrounding the future of various cryptocurrencies.

Image: Pixabay

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