George Tung, a cryptocurrency market analyst, expressed optimism about the future of Bitcoin. He emphasized that the fourth Bitcoin halving event, scheduled to take place later this month, provides further reasons for significant price increases, even as the price currently retraces from its all-time high. Tung explained that Bitcoin tends to repeat certain patterns, and that the current situation is promising. He forecasted that the price could reach $500,000 by the end of 2025.
Analyst raises $500,000 #bitcoin price projection for 2025https://t.co/E88Q9E8ps8
— CryptosRus (@CryptosR_Us) April 3, 2024
The market analyst pointed out that the sentiment during the current downturn is similar to that of the bull run in 2020. Back then, the Bitcoin price surged from $17,000 to $64,000 without significant pauses. Tung believes that this time it could happen faster, with the increase starting soon. He speculated that the current decline in the Bitcoin price may be triggered by institutional investors preparing for a price increase caused by the halving event. It is suspected that the market is being manipulated by market makers to liquidate leverage positions and prepare for an upcoming massive price surge.
