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Famous Analyst: If Bitcoin Experiences the Same as 2020, It Will Be 280 Thousand Dollars Next Year!
Famous on-chain analyst Charles Edwards pointed to the level that the price could reach after the Bitcoin (BTC) halving.
In a social media post on Feb. 5, Charles Edwards looked at past Bitcoin halvings and predicted a halving in a few months' time.
The analyst predicted that if the same effect seen in previous halvings is seen in this halving, the price of Bitcoin could reach $280,000 next year. In the data presented by Edwards, it was pointed out that there was a 550% increase in the post-halving period last year.
On the other hand, stating that there was an increase of 2,089% after the halving in 2016 and an increase of 8,966% after the halving in 2021, the experienced name pointed out that the strength of the rise decreases with each halving:
If Bitcoin's post-halving returns are the same as in 2020, we could see a price of $280K next year. You could reasonably argue that the returns of this cycle are less than in 2020. However, I think the performance in 2020 was mediocre and outlier.
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