News
Billionaire Investor Chamath Palihapitiya Claims Bitcoin Hits $500,000
Continue reading U.TODAY
Google News
Weeks after Bitcoin (BTC)’s fourth halving, industry leaders have continued to speculate on what the future holds for the leading coin. Joining this conversation is billionaire investor Chamath Palihapitiya, who noticed that ultimately it is possible that the price of Bitcoin will reach the all-time high (ATH) of $500,000 in a few years.
Theoretical projection based on history
According to Chamath Palihapitiya, Bitcoin is known to experience major growth around 12-18 months after the halving event. From the first to the third month after each halving, the price of Bitcoin generally experiences flatter growth.
The first halving cycle marked its first major increase in six months with growth of over 10.67x. The second and third halving cycles also recorded growth, but in a more moderate manner, with peaks of 1.34x and 1.79x respectively.
While the first halving continued its growth trajectory, the second and third halvings saw the most significant peaks of 27.92x and 7.80x approximately 18 months after the halving event. If this track record were to be retraced, Palihapitiya would hypothesize that the current consolidation fits within the currency’s historical growth pattern.
He also noted that one of the major differences in this cycle is the commercialization of Bitcoin, with spot ETF products now trading in the United States. While stressing that his position does not constitute financial advice, he said that Bitcoin’s price could surpass $500,000 by October 2025 if it follows the pattern shown by cycles two and three.
Bitcoin price and influence of the Ethereum ETF
At the time of writing, the price of Bitcoin is set at $69,035.09, up 1.93% in the last 24 hours. The coin has been hovering around the prices of $60,208.78 and $71,946.46 over the past month as the accumulation and outflows of Spot Bitcoin ETF he defined the rhythm.
One of the major triggers that many expect to kick off the next leg of the Bitcoin rally is the start of trading Spot ETF on Ethereum products.
About the author
Goffredo Beniamino
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for cryptocurrencies was born when, as a former banker, he discovered the clear advantages of decentralized money compared to traditional payments. With his extensive experience covering various aspects of Web3, Godfrey’s articles have been published in Blockchain.news, Cryptonews, and Coingape, among others.