The crypto market is once again seeing a major surge after a recent pullback that came as a result of a price rejection after Bitcoin approached $10,300 several days ago. Today, February 12th, the coin has once again surged and exceeded this mark, breaking a strong resistance along the way. At the time of writing, the coin’s price sits at $10,371, after surging by 6.23% in the last 24 hours.
For the moment, the market remains highly volatile, with BTC price surging up and down by $500 almost on a daily basis. However, with Bitcoin halving approaching, the current growth is still only a fraction of what is expected to arrive.
Bitcoin halving predictions remain unchanged
Bitcoin halving is likely one of the most significant events that the crypto market will experience this year. It is significant since, historically, every halving led to the major surge of BTC price. And, as Bitcoin price grows, the rest of the market usually tends to follow to entirely new all-time highs.
As the halving approaches, Bitcoin price predictions still remain extremely bullish. One analyst has predicted that BTC will even remain above $8,200, while the coin’s price near halving is expected to sit at around $10,000, likely above this mark. Further, the coin’s bottom is likely above $6,000 at this point, according to the same analyst.
There are some who disagree, such as Tone Vays, who believe that Bitcoin might still drop to $4,000. However, analyst PlanB presented a model that predicts a major bull run that will be similar to those that allowed BTC to surge after the past two halvings. As some may remember, the first halving took place in 2012, and the second one in 2016.
Following the events, major price surges came in 2013 and 2017. Now, the analyst expects that the same will be true this time and that the surge can be expected in 2021 when BTC might hit $100k. Of course, the model cannot determine when this mark might be hit with precision, and any moment between the halving in May 2020 and the one in 2024 could see the price surge to this height.