Greg Ogallagher predicts that Bitcoin will surge quickly, violently and high levels, citing historical trends, institutional demand and fiscal policy that promotes fiscal policy.
Bitcoin prices are currently hovering at around $107,654, up 0.62% over the past 24 hours and 0.88% over the past week.
Amidst price stability, Canadian social media personality Greg O’Galagher has recently put a strain on Bitcoin’s potential trajectory, claiming that Bitcoin is currently heading towards $250,000.
He emphasizes that this is not just speculation, but a continuation of historical trends, explaining why this cycle is different, and is happening faster than everyone would expect. According to O’Gallagher, also known as the Kinobody, those who stay on the bystanders can miss out on a once-in-a-lifetime opportunity.
Historic price rises in Bitcoin after halving
O’Gallagher mentions Bitcoin’s previous harving events to support his claim. Historically, after spending half of each, Bitcoin has risen significantly over the next 1.5 years.
For example, the price of Bitcoin half after 2012 It’s increased 93.1x, travelling from about $10 to over $1,000.
Similarly, following half of 2016, Bitcoin has surged 30.1 times, reaching nearly $20,000 from the $600 level. It saw a 7.8x increase in half of 2020, pushing Bitcoin prices up from around $5,000 to a high of $67,000 in the second half of 2021.
In this cycle, Bitcoin has already surged 2.3 times in just 477 days in the previous cycle. Starting from half of April 2024, O’Gallagher expects a 4.2x surge in around 480 days, with prices rising about $147,853, well above $250,000.
He points out that even a simple 2.5-3x increase could put Bitcoin in the $250,000-$320,000 range. In particular, Bitcoin needs to increase by 132% to go from $250,000 to $250,000 from the current $107,654.
Why this cycle is different
O’Gallagher points to several unique factors that contribute to the rapid acceleration of Bitcoin prices. One major difference is increased accessibility and institutional involvement. ETFs are currently live, making it easy for institutions to purchase Bitcoin.
Over $150 billion has already flown Bitcoin ETFpurchasing pressure is expected to continue to increase. Additionally, the large Treasury Department is restructuring its balance sheet by raising billions through debt provisions and using the funds to purchase Bitcoin.
Another important factor is the significant rise in interest rates since 2020, explaining O’Gallagher as a 22-fold increase. He predicts that the impact on Bitcoin could be immeasurable when the rates finally begin to fall. According to him, this could inject a massive boost into Bitcoin’s value.
Meanwhile, retail investors are not yet involved in the market at the same level as 2021. Despite the $106,000 price of Bitcoin, Google’s search interest is only 33% of what we’ll see in 2021.
Bitcoin Interest | Google Trends
The role of fiscal policy and the Bitcoin
Finally, Ogarager deals with the ongoing financial situation. With new government spending and massive debt issuances, we believe Bitcoin’s role as a hedge against Fiat currency dilution is more relevant than ever. The continued increase in government spending serves as a strong advertising for Bitcoin, especially as fiscal policy remains expanding.
That’s the key point from O’Gallagher’s analysis Bitcoin Demand is growing rapidly, but its supply is fixed at 21 million coins. As a result, O’Gallagher encourages people to take the time to educate themselves and study the situation. He argues that this is one of the biggest financial opportunities to secure your future and could encourage you to act immediately before it’s too late.
Ogalager also shared that he began purchasing Bitcoin in the fall of 2023, with prices between $25,000 and $30,000. He said he hoped he had started before but was committed to continuing to accumulate Bitcoin.