Bitcoin price rallying to $120,000 as halving impact precipitates – eToro’s analyst Simon Peters


  • Bitcoin has never rallied immediately after halving according to Simon Peters which calls for patience.
  • Bitcoin price is trading at $9,731 after rejection from $10,000; a breakdown is in the offing.

Bitcoin halving as an event is now in the rearview. The event left many investors with deeply saddened eyes as they looked at Bitcoin price remained unbothered. To make matters worse, Bitcoin dumped massively pre-halving following a rejection above $10,000.

Bitcoin has recovered significantly since the pre-halving crash to $8,100. However, it is not to the magnitude expected by investors. According to Simon Peters, eToro’s analyst, halving as an event does not have the power to rally the price. On the other hand, its impact brought about by the reduced supply, gradually leads to a rally.

I believe the halving precipitates a long bull run in Bitcoin, one which may see highs of $100,000 – $120,000 within 18 months. Of course, there is always the possibility that it may drop, but this would be likely due to another black swan event such as a worsening of the Covid-19 pandemic, at which point other investable assets would be impacted as well.

For instance, after the first halving, Bitcoin took several weeks (approximately eight weeks) before beginning a bull-run. After the second halving, Bitcoin took even longer before starting the parabolic rally in 2017.

BTC/USD price update

At the time of writing, Bitcoin is trading at $9,731. The digital asset continues to deal with the resistance at $10,000. It is essential that this hurdle is broken in the short term, because the longer BTC/USD stays under the same zone, the stronger the bearish grip becomes. Lack of a breakout could call for a breakdown to $9,000 or even $8,400 in order to create fresh demand for the world’s most traded digital asset.

Also read: Dash Price Analysis: DASH/USD sets the pace for recovery even as Bitcoin stalls under $10,000


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Tether acquires 32% stake in Canadian-listed Gold mining company Elemental

Tether acquires 32% stake in Canadian-listed Gold mining company Elemental

Tether Group, the issuer of the world’s largest stablecoin USDT through its affiliate Tether Investments, has completed the acquisition of a 32% stake in Elemental Altus Royalties Corp. (Elemental).

Crypto Today: Bitcoin, Ethereum, XRP risk further decline amid softer volumes and profit-taking 

Crypto Today: Bitcoin, Ethereum, XRP risk further decline amid softer volumes and profit-taking 

Bitcoin extends losses below $108,000 amid subdued trading volume, a decline in funding rates, and a drop in open interest. Ethereum’s uptrend fails to gain strength and falters, nearing support at $2,700 despite surging spot ETF inflows.

Shiba Inu Price Forecast: Correction looms amid whale sell-off and falling supply in profit 

Shiba Inu Price Forecast: Correction looms amid whale sell-off and falling supply in profit 

Shiba Inu's supply in profit drops significantly as whales offload SHIB amid low performance. Optimism wanes in Shiba Inu derivatives as Open Interest and the Long/Short ratio decline. 

Bitcoin Price Forecast: BTC edges below $108,000 as geopolitical risks weigh on sentiment

Bitcoin Price Forecast: BTC edges below $108,000 as geopolitical risks weigh on sentiment

Bitcoin price continues its pullback, trading below $108,000 on Thursday, following the previous day's decline. Risk-off sentiment rises as the conflict in the Middle East escalates, with reports suggesting that Israel is readying an imminent attack on Iran.

Bitcoin: BTC could slump to $100K amid Trump-Musk tussle

Bitcoin: BTC could slump to $100K amid Trump-Musk tussle

Bitcoin (BTC) tumbled to a low of $101,095 on Friday amid volatility in the market. The effect of the tussle between United States (US) President Donald Trump and Tesla Chief Elon Musk negatively influenced the NASDAQ and Tesla's stock price on Thursday, although both are recovering on Friday.

The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

BTC

ETH

XRP