Brand new projections are suggesting that the market leader of the crypto industry, Bitcoin might hit the mark of $286K later this year in the month of October. Along with this, it has also been revealed that the asset will be impacted by the third halving event that took place in 2020.
In accordance with the leading crypto data platform, the investors who have acquired a position in the asset presently, should not sell the asset but accumulate more. It has been advised to the investors that they should hold Bitcoin in preparation for the upcoming rally.
In addition to this, the platform notes that the $50K mark is now acting as a newly formed base for the price rally of the asset which is defined by the growth range from the previous halving.
Significantly, after the last halving event of the asset which occurred last year, Bitcoin strived to break the resistance level of $10K.
If we notice the historical patterns of the asset after its halving event, it can be seen that the asset has usually witnessed a huge surge in its price.
Moreover, as stated by the leading crypto data platform, there were doubts about the prospect of Bitcoin after the year 2020 halving event, but the current price action is an attestation to the impact of halving.
Well, it can be said that the next halving event that will be occurring in the year 2024 is most likely to trigger a huge rally in its price.
Also, it should be known that the Bitcoin bull run has witnessed the asset attain a market capitalization of over $1 trillion with the increasing interest from institutional investors.
Tesla, the electric vehicle manufacturing company owned by Elon Musk invested $1.5 billion in the asset along with Goldman Sachs and Morgan Stanley planning to offer their clients exposure to digital assets.