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Bitcoin (BTC) You may be preparing for your last explosive rally. Four year market cyclewhich traditionally begins at the start of the halving event and ends before the next one. A crypto analyst has boldly predicted that the price of Bitcoin could rise to $200,000 and above, which represents New all time highs The long-awaited peak of the bull market.
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Bitcoin enters final pumping phase
On September 19, cryptocurrency analyst Stockmoney Lizards took to X (formerly Twitter) to: Discusses His new predictions about the cryptocurrency market, with a particular focus on the cyclical nature of Bitcoin price movements And his half events.
The analyst believes that the market is currently at the beginning of the “final pumping of the Bitcoin bull cycle.” Based on Historical trend patterns that followed the events of the past halfStockmoney Lizards stated that it has high expectations that Bitcoin will reach its cycle top between September and October 2024. Bike top Here it usually means the highest price level that BTC can reach during bull market.
Stockmoney Lizards reveals its personal company Bitcoin Price Targets During this seemingly final phase of the pump, he expects the cryptocurrency to reach between $200,000 and $260,000, setting these targets as the potential top of this market cycle.
Sharing a detailed chart depicting Bitcoin’s historical price movements from 2016 to date, Stockmoney Lizards sheds light on the bullish and bearish events that followed each halving event. Pointing out the last three cycle highs during previous halving events, he identified a unique trend pattern where the market saw an extended rally after Half Bitcoinapproximately every 48 months.
The analyst noted that this pattern of trend is repeated in Current Market CycleWhich led him to predict that the price of Bitcoin will peak between $200,000 and $260,000. This massive increase represents a price increase of approximately 218% to 313% from Current Bitcoin Price From $63,000, as of the time of writing.
Bitcoin’s 200-Day Simple Moving Average Confirms Bull Market
While some would argue The Bitcoin bull market has already begun, and others He believes It has yet to arrive, which could lead to one of the biggest rallies in Bitcoin history. According to reports from Ali Martinez, a prominent crypto analyst, the timing of the highly anticipated rally Bitcoin price rise This may be confirmed soon, as Bitcoin once again tests the 200-day simple moving average (SMA).
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Martinez It has been revealed. The historical failure to claim this critical support level has led to sharp price corrections for Bitcoin. He pointed to similar instances Downward trends This was observed in 2014, 2018, and 2020, when Bitcoin failed to reach this support.
As a result, the analyst urged investors and market experts to pay close attention to Current Bitcoin Market Trendswarning that rejection at this stage would cause problems for the cryptocurrency.
Featured image by Pexels, chart by TradingView
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