Bitcoin could hit $500K according to a projection

Bitcoin could hit $500K

The king of cryptocurrencies appears to be following a cycle pattern created by a cryptocurrency analyst (@WiseAnalyze), which, during a projection on July 12, pointed out that Bitcoin could reach $500,000 by the end of the year.

Although the possibility is present, during this moment we are in a bearish moment that has generated panic in the market. However, the user has already made forecasts for the cryptocurrency in previous years; exactly during 2019; and these cycles were fulfilled.

In them it was shown how the Bitcoin every 2 years changed its trend, and after the halvings it pushed upward. However, what cycle or moment are we in at this moment? Next we will tell you about it and analyze the analyst’s projection.

Bitcoin Cycles Could Make You Hit $500K According To Projection

It is worrying that BTC is losing the important support that currently sits at $32K. However, based on this user’s projection, it likely won’t.

Since these days, the bulls have been fighting against the bears not to lose control of this support. Since a fall below this level would be detrimental and could completely change the future projection of Bitcoin.

In addition to this, we highlight that, according to the user’s projection, Bitcoin could end the year around 500K; exactly 5 times above the $100,000 psychological resistance; the truth, it would be a performance that can only be visualized by a very optimistic investor.

Analyzing the graph that he shared on his Twitter profile, we can see how the downward cycles begin just one year after the halving. And remember, that 1 year ago, in May 2020, a halving was carried out. Therefore, as shown by the projection cycles, for 2022 the trend will be downward.

BTC projection at $ 500,000
BTC projection at $500,000. Source: Twitter.

Namely, it is still possible that BTC could rise strongly before the bullish rally concludes.

In addition to the highlights, it can also be noted how the cycles conclude each December; In this order of cycles, only a slight variation of 2 days can be noticed. Therefore, by mid-December we should already see BTC close to $500K; according to the projection.

As shown by the bullish and bearish waves; which have been perfectly fulfilled; the next 2 years maybe bearish; that is, 2023 and 2024. However, by then; if the projection is fulfilled; BTC would be above $200,000.

Current trend and final course to close 2021

Based on the data collected by the user, its projection is likely to be fulfilled. Because, as highlighted in his analysis, the BTC starts to rise after the halving approaches, as we remember that this event generates euphoria, and therefore purchases increase; causing the price of Bitcoin to rise.

However, this euphoria subsides 1 year after it has elapsed; which causes a downtrend until the event approaches again. At this moment we find a marked short-term downtrend, which makes it very optimistic to expect the figure of 500K. Although with BTC everything is possible.

If the analyst’s prediction comes true, Bitcoin should fly in the coming months. Only the passage of time will give him the reason or not.