Cryptocurrency expert names the main factor that will cause bitcoin to rise to $ 80,000

A cryptocurrency analyst known as Kaleo believes that bitcoin BTC $65,755.33 Bitcoin -0.33% Market capitalization $1.3 trillion VOL. 24 hours $0.6 billion will reach $ 80,000 after the price of the flagship coin drops by half.

In his post on the X platform, the analyst noted: «The opening of the bitcoin price is a magnet. The chart below details the similarities in price action from the 2020 covid surrender oppression recovery, which led to the 2021 bull market, to the current price action, as well as the market trend since the FTX surrender event.»

The analyst’s projected jump to $ 80,000 is based, in part, on historical data and expected market behavior after a bitcoin halving event, an event that occurs every 210,000 blocks (roughly every four years) when the reward for mining new bitcoin blocks is cut in half. This effectively reduces the rate at which new bitcoins are minted.

Kaleo’s forecasts draw parallels between the rapid market recovery after the first industry crash caused by COVID-19 in 2020, which subsequently led to a bull market in 2021, and the latest market trends after the collapse of the FTX cryptocurrency exchange.

The crypto expert’s analysis suggests a trajectory that could take Bitcoin to higher price ranges. Although Kaleo’s study does not provide a clear timeline for BTC to reach the $ 80,000 level, its references to price action and post-halving events suggest that this could happen in the medium term — likely within 6−18 months after the halving.