Can Bitcoin (BTC) surpass $73.8K ATH before the halving next month?

Bitcoin price has already experienced a massive rally over the past six months or so. Perhaps it was first fueled by the hype around US spot ETFs, and then triggered by real demand for the product once it was launched.

As such, the asset hit a new all-time high in 2021, but has since faced a major correction. With less than a month left until the next halving, an event that usually acts as a catalyst for future price movements, we asked Perplexity, a popular AI chatbot that, unlike ChatGPT, has real-time access to the internet whether BTC will halve. decided. Tap another ATH next week.

New ATH before halving?

After BlackRock filed to launch a spot Bitcoin ETF in the United States last June, community sentiment changed and the market experienced a long-awaited resurgence. Bitcoin struggled at levels well below $30,000, but rose more than 50% in the following months, doubling in price when the actual ETF was approved in mid-January of this year.

The bull market continued after a brief pause, with the major cryptocurrency hitting its 2021 all-time high of $69,050 in early March. This rally peaked on March 14th when the asset reached $73,800, registering its current ATH. But since then, the bears have taken control and pushed BTC south of around $10,000.

Halving is an event that cuts the BTC reward in half, making Bitcoin more scarce. In theory, this should be a very optimistic development for cryptocurrencies, especially if demand remains the same or increases. History shows that BTC declined for the first 6 to 12 months after the previous three halvings.

As a result, the community expects another rally after the fourth halving in 29 days, according to current estimates. But will BTC break its current highs? Perplexity seems to think so.

“Information from our search results suggests that Bitcoin will likely hit all-time highs again before the halving in 2024. “Several factors are contributing to this possibility, including positive momentum in the market, the recent approval of a spot Bitcoin ETF, and anticipation of the upcoming halving event in April.”

How high can Bitcoin go?

Despite the recent turnaround in terms of ETF inflows and outflows, these financial assets have remained popular among existing investors and have broken numerous records in the first two months since launch. Demand for BTC has led to an impressive bull market for the asset and the overall market, and Perplexity believes further gains will be recorded in 2024 and 2025.

The AI ​​chatbot said Bitcoin could rise to $90,000 this year, according to research by analysts such as Bernstein. Perplexity concluded that the price could peak within the six-figure price range of over $122,000.