With the Bitcoin halving event now completed, analysts and market experts turn their attention to a much-anticipated bull run based on historical trends in the BTC market. In particular, a crypto analyst with the X handle ecoinometrics has tipped the maiden cryptocurrency to at least achieve a six-figure in the current bull cycle.

How High Can Bitcoin Rise Post Halving? 

In an X post on Saturday, econometrics shared a strong bullish prediction of Bitcoin price following the fourth halving event on April 19. The crypto analyst stated that if  BTC produced a similar growth pattern seen in previous bull cycles, its market price would likely range between $140,000 – $4,500,000. 

For context, the bull run, which forms the latter part of the Bitcoin bull cycle, occurs in the months following the halving event, according to BTC’s price history. During this period, the market leader is known to record massive price gains, as seen after previous halvings in 2012 (7,592.30%), 2016 (1,818.8%), and 2020.

Price range for Bitcoin in the 4th halving cycle:

upper bound ~ $4,500,000
lower bound ~ $140,000

That is *if* Bitcoin ends up following a growth trajectory in the range of the previous cycles. pic.twitter.com/s93yldJEI0

— ecoinometrics (@ecoinometrics) April 20, 2024

Econometrics stated that a repeat of such positive performance could see Bitcoin trade as high as $ 4,500,000 per unit. However, other speculators have attacked this prediction, believing BTC will likely soon experience some level of diminishing returns. Thus, such a high price level seems unfeasible.

In response, econometrics stated that Bitcoin currently operates similarly to “megacap tech stocks”, which have shown notable defiance to this economic theory. However, the analyst acknowledged that $4,500,000 may be an unrealistic price target for BTC, but there is much confidence that the digital asset will achieve a mid-six-figure value.

Bitcoin Price Overview

Bitcoin is currently trading at $65,043, with a modest 2.21% gain over the last 24 hours. However, its daily trading volume has declined massively, falling by 52.88% to a substantial $21.62 billion, underscoring decreased market activity and investor interest. 

Over the past week, Bitcoin has also shown fair improvement resulting in a total gain of 1.86%. However, despite these recent gains, the monthly chart reflects a decline of 4.16%, following some significant price dips and massive liquidations in the past week. 

On a larger scale, Bitcoin remains quite impressive, with its year-to-date growth percentage of 131.69%. With a market cap value of  $1.28 trillion, the premier cryptocurrency remains the largest digital asset in the world.

BTC trading at $65,270.47 on the daily chart | Source: BTCUSDT chart on Tradingiew.com

Featured image from iStock, chart from Tradingview

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CoinDCX, a popular Indian crypto exchange has joined the Unicorn club after their latest funding round. Coingape reported earlier that the exchange was in talks with several investors to raise $120 million. It has raised $90 million in its Series C funding round giving it a valuation of $1.1 billion, making it the first Indian crypto exchange to attain Unicorn Status.

1/7 I am thrilled to announce @CoinDCX has become a #Unicorn—the first Indian crypto exchange to achieve this stature! Onwards & Upwards

— Sumit Gupta (CoinDCX) (@smtgpt) August 10, 2021

The funding round was led by Facebook co-founder Eduardo Saverin’s B Capital along with some of the existing investors including Coinbase Ventures, Polygon Capital, Block.One and Jump Capital. The crypto exchange aims to use the latest funds for the expansion of business and infrastructure.

CoinDCX plans to partner with key Fintech firms to increase the crypto investor base and set up an R&D facility. The crypto exchange also plans to initiate dialogue with the government to introduce favorable regulations.

Sumit Gupta, co-founder & CEO of CoinDCX said:

” we will be joining hands or enter into partnerships with key fintech players to expand crypto investor base, set up an R&D facility, strengthening the policy conversations through public discourse, working with the government to introduce favorable regulations, education, and amping up the hiring initiatives,”

CoinDCX Joins Matic to Become Second Crypto Unicorn

The state of crypto regulations in India is still not very clear so it becomes even more special for crypto businesses from the country to do well. CoinDCX has become the second Indian crypto business to attain unicorn status after Polygon (formerly known as Matic). Polygon is a second layer scaling solution for Ethereum blockchain and its popularity and adoption have skyrocketed over the past year along with its token price.

The success of Indian crypto businesses shows the growing demand for crypto services in India because of which foreign firms are investing heavily in the Indian crypto ecosystem.  Despite the regulatory uncertainty, Coinbase recently announced its plans of expanding its business in the country as well. Apart from crypto businesses, Indian blockchain developers are also in high demand, working on some of the most prolific projects in the decentralized world.