'Price Discovery Is A Magnet': Analyst Predicts Bitcoin's Rally To Stellar $80K All-Time High After This Main BTC Event

A pseudonymous cryptocurrency analyst, Kaleo believes Bitcoin BTC/USD will reach $80,000 in the post-halving surge.

What Happened: In an X post, the analyst said, “Bitcoin  Price discovery is a magnet. The chart below details price action similarities from the 2020 covid capitulation wick recovery that led to the 2021 bull market to the current price action and how the market has trended since the FTX capitulation event. In this thread, I’ll outline more from my Halving Reward Era price analysis theory detailing where I believe we’re heading over the next two years.” 

Why It Matters: The predicted leap to $80,000 by the analyst is notably based on historical data and the anticipated market behavior following the Bitcoin halving,  an event that occurs every 210,000 blocks (approximately every four years) where the reward for mining new Bitcoin blocks is cut in half, effectively reducing the rate at which new bitcoins are created.

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The Projection Explained: Kaleo’s projection draws parallels between the quick market recovery experienced after the initial COVID-19-induced market crash in 2020, which subsequently led to a bull market in 2021, and recent market trends post-FTX collapse. 

His analysis suggests a similar trajectory that could propel Bitcoin to new heights. Though Kaleo's thesis does not explicitly specify a timeline for reaching the lofty $80,000 target, his reference to price action, and post-halving events allows one to speculate that this could occur within a medium-term framework, possibly within 6 to 18 months following the halving.

Price Action: At the time of writing, BTC was trading at $37,469, up 5.33% in the last 24 hours, according to Benzinga Pro.

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