Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Bitcoin Sold $8K Last Halving, Soared 721% After: Will History Repeat?

Published 20/04/2024, 13:19
© Reuters.  Bitcoin Sold $8K Last Halving, Soared 721% After: Will History Repeat?

Coin Edition -

  • Michael Saylor called attention to the $8K price Bitcoin sold during 2020 halving.
  • In this year’s halving event, Bitcoin registered an intraday low of $59,651.
  • If Bitcoin replicates the 721% post-2020 rally in this cycle, it could reach $489K by next year.

Renowned Bitcoin bull Michael Saylor, chairman of MicroStrategy, has called attention to the price Bitcoin sold when it underwent its third halving cycle. In a recent post on X, Saylor highlighted that Bitcoin traded at $8,618 on May 11, 2020, when it halved. This spotlight comes amid Bitcoin undergoing its fourth halving cycle yesterday night, April 19.

Notably, Saylor sought to draw public attention to how high Bitcoin has grown since May 2020 amid the emergence of the new event to give investors confidence in the asset considering recent market bearish volatility.

As the Bitcoin bull rightly pointed out, Bitcoin opened for trading on May 11, four years ago, at $8,755.54. Despite dipping to a low of $8,374 that day, it subsequently surged to an intraday high of $9,033.

Meanwhile, Bitcoin remained below $10K in the months following the halving. It stayed within that range for five months until a burst in late October. By January 2021, eight months post-halving, BTC had surged threefold, breaching the $30,000 mark for the first time.

The upward momentum persisted as Bitcoin surpassed $60K by April 2021. However, it faced a downturn this month, returning to the $30K range in May, marking a year since the halving.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Significantly, from October 31, 2020, when BTC surpassed $14K again, to April 14, 2021, when it peaked at $64,863 before undergoing a substantial correction, the asset experienced a remarkable growth of 363%.

Upon recommencing the bull rally, Bitcoin peaked at $68,789 on November 10, 2021, marking a 721.46% surge from its low of $8,374 on the 2020 halving.

For this year, Bitcoin registered an intraday low of $59,651 on April 19, coinciding with the 2024 halving event. Saylor’s emphasis on Bitcoin’s $8K range of 2020 implies his anticipation of a historical recurrence, where Bitcoin could potentially surpass several new highs following a halving event.

If Bitcoin replicates the 721.46% post-2020 rally in this cycle, it could reach a value exceeding $489K by next year.

The post Bitcoin Sold $8K Last Halving, Soared 721% After: Will History Repeat? appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.