Bitcoin (BTC) may very well be gearing up its final explosive rally of a four-year market cycle, which historically kicks off at the start of a halving occasion and culminates simply earlier than the subsequent one. A crypto analyst has boldly predicted that the worth of Bitcoin may surge to $200,000 and above, marking new All-Time Highs (ATHs) and the height of the long-awaited bull market.
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Bitcoin Enters Remaining Pump Stage
On September 19, ‘Stockmoney Lizards,’ a crypto analyst took to X (previously Twitter) to talk about his new prediction in regards to the crypto market, notably zeroing in on the cyclical nature of Bitcoin’s worth actions and its halving occasions.
The analyst believes the market is at the moment firstly of the “closing pump of the Bitcoin bull cycle.” Based mostly on historic pattern patterns following previous halving occasions, Stockmoney Lizards has acknowledged that he has excessive expectations that Bitcoin will attain its cycle prime between September and October 2024. Cycle prime right here sometimes means the very best worth stage BTC can obtain throughout a bull market.
Stockmoney Lizards has unveiled his private worth targets for Bitcoin throughout this seemingly final pump stage. He forecasts that the crypto may attain a worth between $200,000 and $260,000, figuring out these targets because the potential cycle prime for this market cycle.
Sharing an in depth chart depicting Bitcoin’s historic worth actions from 2016 until date, Stockmoney Lizards illuminated the bullish and bearish occasions following every halving occasion. He referenced the final three cycle tops throughout previous halving occasions, figuring out a novel pattern sample the place the market experiences an prolonged bull run after the Bitcoin halving, roughly each 48 months.
The analyst noticed that this pattern sample is repeating within the present market cycle, main him to foretell that Bitcoin’s worth will peak between $200,000 and $260,000. This dramatic improve represents a worth surge of roughly 218% to 313% from Bitcoin’s present worth of $63,000, as of writing.
Bitcoin 200-Day SMA To Verify Bull Market
Whereas some would argue that the Bitcoin bull market has already begun, others imagine that it’s but to reach, probably ushering in one of many largest rallies in Bitcoin’s historical past. In response to experiences from Ali Martinez, a outstanding crypto analyst, the timing for the extremely anticipated Bitcoin bull run could quickly be confirmed, as Bitcoin is as soon as once more testing the 200-day Easy Shifting Common (SMA).
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Martinez disclosed that traditionally failing to assert this essential assist stage has led to steep worth corrections for Bitcoin. He pointed to related bearish tendencies noticed in 2014, 2018 and 2020, when Bitcoin failed to achieve this assist.
Consequently, the analyst has urged traders and market consultants to pay shut consideration to Bitcoin’s present market tendencies, warning {that a} rejection at this level would spell hassle for the cryptocurrency.
Featured picture from Pexels, chart from TradingView
