Renowned Bitcoin advocate and billionaire Chamath Palihapitiya has raised his price target for Bitcoin by the end of 2024, predicting that it will reach $500,000. This comes as Bitcoin has been in a consolidation phase since March, with many analysts pointing to bullish signals for the cryptocurrency.
Palihapitiya based his prediction on data from previous halving cycles, suggesting that the upcoming halving will act as a catalyst for Bitcoin’s price in the next 18 months. Drawing on the performance of Bitcoin after the third halving, he projected that Bitcoin could reach $497,977 by October 2025.
If Bitcoin follows the same trajectory as in previous halving cycles, Palihapitiya believes that the price could even surpass $1 million. He emphasized that this price increase would be accompanied by a rise in Bitcoin adoption, similar to what has been seen in countries like El Salvador.
In Palihapitiya’s view, as more countries adopt Bitcoin alongside their local currencies, it will become a dual system where Bitcoin is used for purchasing assets with lasting value, while traditional currency is used for everyday transactions. Currently, Bitcoin is trading at $68,880.
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