- Michael Saylor referred to as consideration to the $8K worth Bitcoin bought throughout 2020 halving.
- On this yr’s halving occasion, Bitcoin registered an intraday low of $59,651.
- If Bitcoin replicates the 721% post-2020 rally on this cycle, it may attain $489K by subsequent yr.
Famend Bitcoin bull Michael Saylor, chairman of MicroStrategy, has referred to as consideration to the worth Bitcoin bought when it underwent its third halving cycle. In a latest publish on X, Saylor highlighted that Bitcoin traded at $8,618 on Could 11, 2020, when it halved. This highlight comes amid Bitcoin present process its fourth halving cycle yesterday night time, April 19.
Notably, Saylor sought to attract public consideration to how excessive Bitcoin has grown since Could 2020 amid the emergence of the brand new occasion to offer buyers confidence within the asset contemplating latest market bearish volatility.
Because the Bitcoin bull rightly identified, Bitcoin opened for buying and selling on Could 11, 4 years in the past, at $8,755.54. Regardless of dipping to a low of $8,374 that day, it subsequently surged to an intraday excessive of $9,033.
In the meantime, Bitcoin remained beneath $10K within the months following the halving. It stayed inside that vary for 5 months till a burst in late October. By January 2021, eight months post-halving, BTC had surged threefold, breaching the $30,000 mark for the primary time.
The upward momentum endured as Bitcoin surpassed $60K by April 2021. Nonetheless, it confronted a downturn this month, returning to the $30K vary in Could, marking a yr for the reason that halving.
Considerably, from October 31, 2020, when BTC surpassed $14K once more, to April 14, 2021, when it peaked at $64,863 earlier than present process a considerable correction, the asset skilled a outstanding development 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 yr, Bitcoin registered an intraday low of $59,651 on April 19, coinciding with the 2024 halving occasion. Saylor’s emphasis on Bitcoin’s $8K vary of 2020 implies his anticipation of a historic recurrence, the place Bitcoin may probably surpass a number of new highs following a halving occasion.
If Bitcoin replicates the 721.46% post-2020 rally on this cycle, it may attain a worth exceeding $489K by subsequent yr.
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