Bitcoin Price Prediction: BTC Price Poised to Hit This Level in Next 12 Months

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The recent slump in Bitcoin prices following Iran’s attack on Israel has sparked questions about the perception of cryptocurrencies as safe-haven assets during times of geopolitical uncertainty. Let’s read an honest review of these price movements and the broader outlook for Bitcoin. 

BTC to $200,000 if this happens

In a recent interview on CNBC Squawk Box, SkyBridge Capital founder Anthony Scaramucci shared his insights on Bitcoin’s potential trajectory, projecting a significant surge in value over the next 12 months.

The price of Bitcoin has gone up 1.5% in the last 24 hours and is now $62,594. There have been short-term changes in Bitcoin’s value, but Scaramucci is still optimistic about its future. He says Bitcoin’s growth is like the early days of the internet and thinks it could go up by more than 200% in the next year and hit $200,000 after halving. The analyst thinks that Bitcoin will reach half the market cap of gold in the long run, meaning each coin would be worth about $400,000.

However, he also says short-term drops of up to 15% could happen because of wars or terrorist attacks. Even with these risks, Scaramucci said that Bitcoin’s rise was mainly due to rising demand from ETFs and institutional investors.

Halving Impact on BTC

The upcoming Bitcoin halving event supports Scaramucci’s positive outlook, with expectations that it could boost Bitcoin’s price to new highs. While acknowledging the possibility of short-term fluctuations, Scaramucci believes that Bitcoin’s overall trajectory remains upward, consistent with its historical performance over the past 15 years.

Conversely, Bitwise Asset Management warns of short-term fluctuations but long-term gains. The halving cuts supply, making Bitcoin scarcer and potentially boosting prices. CEO Matt Hougan predicts Bitcoin could hit over $200,000 this year because of it. Investors might react cautiously before the event, but history shows prices often surge afterward.

Bitcoin’s Current Price

Bitcoin’s price is currently at $64,520, showing a slight drop. The technical analysis suggests that Bitcoin trades within a narrow range, with a pivot point at $62,899. Resistance levels are at $65,194, $67,695, and $70,959, while support levels are at $59,418, $56,271, and $53,182. The market sentiment is balanced, as indicated by the Relative Strength Index (RSI) at 54. If Bitcoin breaks above $65,300, it could see further buying, potentially pushing it towards $70,000.