Greg O’Gallagher predicts Bitcoin will surge to higher levels quickly and violently, citing historical trends, institutional demand, and fiscal policies driving growth.
Bitcoin’s price is currently hovering around $107,654, reflecting a 0.62% increase in the past 24 hours and a 0.88% rise over the past week.
Amid the price stability, Greg O’Gallagher, a Canadian social media personality, has recently weighed in on Bitcoin’s potential trajectory, claiming that Bitcoin now heads toward $250,000.
He emphasizes that this isn’t mere speculation but rather a continuation of historical trends, explaining why this cycle is different and happening faster than anyone anticipates. According to O’Gallagher, also known as Kinobody, those who remain on the sidelines could miss out on a once-in-a-lifetime opportunity.
Bitcoin’s Historical Price Surge After Halvings
O’Gallagher refers to Bitcoin’s previous halving events to support his claims. Historically, after each halving, Bitcoin has seen massive price increases over the next 1.5 years.
For instance, after the 2012 halving, the price of Bitcoin increased by 93.1 times, moving from around $10 to over $1,000.
Similarly, following the 2016 halving, Bitcoin surged by 30.1 times, reaching nearly $20,000 from the $600 level. The 2020 halving saw a 7.8x increase, pushing Bitcoin’s price from approximately $5,000 to a high of $67,000 in late 2021.
For this cycle, Bitcoin already surged 2.3x in just 477 days in its pre-halving cycle. From the April 2024 halving, O’Gallagher expects a 4.2x surge in approximately 480 days, which would raise the price by around $147,853, taking it well above $250,000.
He notes that even a simple 2.5x to 3x increase could place Bitcoin in the $250,000 to $320,000 range. Notably, Bitcoin would need to increase by 132% to go from the current $107,654 to $250,000.
Why This Cycle Is Different
O’Gallagher points out several unique factors contributing to the rapid acceleration of Bitcoin’s price. One major difference is the increased accessibility and institutional involvement. ETFs are now live, allowing institutions to purchase Bitcoin effortlessly.
Already, more than $150 billion has flowed into Bitcoin ETFs, with buying pressure expected to continue ramping up. Additionally, massive treasuries are restructuring their balance sheets by raising billions through debt offerings and using the funds to buy more Bitcoin.
Another crucial factor is the significant rise in interest rates since 2020, which O’Gallagher describes as a 22x increase. He predicts that when rates eventually start to decline, the effect on Bitcoin could be immense. According to him, this could inject a massive boost into Bitcoin’s value.
Meanwhile, retail investors have yet to engage in the market at the same level as they did in 2021. Despite Bitcoin’s price of $106,000, Google search interest is still only at 33% of the levels seen in 2021. O’Gallagher believes that once Bitcoin surpasses the $140,000 mark, retail interest will intensify, sending the price skyrocketing.
Fiscal Policy and Bitcoin’s Role
Finally, O’Gallagher addresses the ongoing fiscal situation. With trillions of dollars in new government spending and massive debt issuance, he believes Bitcoin’s role as a hedge against fiat currency dilution has never been more relevant. The continuous rise in government spending acts as a powerful advertisement for Bitcoin, especially as fiscal policies remain expansionary.
The key takeaway from O’Gallagher’s analysis is that Bitcoin’s demand is rapidly growing, while its supply is fixed at 21 million coins. As a result, O’Gallagher encourages people to take the time to educate themselves and research the situation. He argues that this could be one of the greatest financial opportunities to secure one’s future, urging people to act quickly before it’s too late.
O’Gallagher also shared that he began purchasing Bitcoin in the fall of 2023 when the price was between $25,000 and $30,000. He expressed that while he wished he had started earlier, he is committed to continuing to accumulate Bitcoin.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
