news 
Here’s When Bitcoin Price Will Hit $117,000
Bitcoin surged to $99.8K yesterday before plummeting to $95,484, wiping out the gains from the Christmas rally. Despite the recent decline, traders are becoming increasingly optimistic about the future prospects of the cryptocurrency. Some analysts have even ventured as far as predicting a price surge that could potentially see Bitcoin hit $117,000.
According to Dan Morehead, CEO of Pantera Capital, this is not just a pipe dream. He asserts that historical data suggests that Bitcoin’s price can skyrocket 400 days before and 480 days after the halving event, which occurred in April 2024. This phenomenon has been observed in past instances when miners’ reward was reduced.
While some experts believe that this forecast may be overly ambitious, Morehead insists that the probability of it happening is not zero. He notes that macroeconomic factors and political developments can also drive the price higher. With the U.S. potentially setting up a national Bitcoin stockpile, Morehead believes that these external influences will amplify the impact on the market.
It’s worth noting that other experts have made similar predictions in the past, such as Matt Hougan, CIO of Bitwise, who speculated about a possible $500,000 price tag if Donald Trump implements his plan to establish a national Bitcoin reserve. Even Perianne Boring, CEO of Digital Chamber, has expressed similar sentiments, stating that Bitcoin could potentially reach $800,000 under Trump’s leadership.
While some may view these projections as overly optimistic, it is essential for investors to remain cautious and be aware of the potential risks involved with such a significant price surge.
Source: coinpedia.org
