If history repeats itself, the price of Bitcoin (BTC) will exceed $200,000 by June 2024

The year 2024 has already been quite spectacular for the cryptocurrency market. Bitcoin, for example, has gained more than 60% in value in about two months and rose to a new all-time high yesterday.

The last time the asset broke its ATH, its price tripled in the following three months or so. If something similar happens again, BTC could be on the verge of moving well into the six-figure price range.

2021 was a big year for BTC, as the asset rose to $69,044 in November amid hype surrounding then-approved futures ETFs (according to CoinGecko).

However, the next year was completely different, with numerous industry crashes and bankruptcies as well as macroeconomic challenges such as wars and inflation. As a result, BTC plummeted and fell well below $20,000 by the end of 2022.

Last year started on a positive note and things picked up even more steam when the world's largest asset manager – BlackRock – filed for a spot Bitcoin ETF in June. Many other financial giants followed suit, and the sentiment regarding approval of such products changed to “It’s a matter of time.”

BTC responded to this hype with price increases, jumping to over $40,000 by early 2024. These financial products were actually approved in mid-January, causing immediate volatility. However, the record-breaking inflows ultimately led to a more sustained rise in BTC prices.

This peaked yesterday as the cryptocurrency broke its previous high in November 2021. With the upcoming halving set to take place in just over a month, and BTC's price movements following each of the previous ones, there is even more hype that the asset will continue to rise in value.

If history repeats itself, as shown in the tweet above, Bitcoin could surpass $200,000 by June. If this happens, its market cap will rise to around $4 trillion, making BTC larger than Microsoft and Apple (at current prices).

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers