Bitcoin Analyst Predicts Peak of $150,000 to $200,000 in Next 9-12 Months
A crypto analyst is predicting that Bitcoin will continue its upward trend and reach a peak of around $150,000 to $200,000 within the next nine to twelve months. This bullish outlook is based on Bitcoinโs historical performance after breaking all-time highs (ATHs), particularly in 2017 and 2021. The analyst points out that after previous ATH breakouts, Bitcoin experienced significant gains before peaking nine to twelve months later.
Bitcoinโs Recent Performance
In recent months, Bitcoin has been on a steady upward trend. Since October 2023, the cryptocurrency has risen from below $25,000 to surpassing the $40,000 level. In March 2024, Bitcoin broke above $70,000 and reached fresh all-time highs of around $72,800. The bullish momentum continued as the coin surpassed $73,000.
Predicted Peak Based on Historical Cycles
The analyst compares the current cycle to previous ones in 2017 and 2021. In both instances, Bitcoin experienced significant gains after breaking ATHs but peaked nine to twelve months later. For example, in 2017, Bitcoin soared 1,300% before reaching a peak at around $20,000 nine months later. Similarly, in 2021, Bitcoin climbed 250% before peaking twelve months after surpassing previous highs of $20,000. By November 2021, the price had reached $70,000.
Based on this analysis, the analyst suggests that Bitcoin could reach its peak within the next nine to twelve months after surpassing $70,000 in early March 2024. Even with a conservative approach, the analyst predicts a potential expansion of 120% to $150,000. However, if bullish sentiment continues and institutional buyers remain active, Bitcoin could potentially add at least 200% from $70,000, pushing it above $200,000.
Institutional Demand and Halving Event
The broader crypto community expects Bitcoin to continue its upward trend due to increased institutional demand. Institutions have been actively purchasing Bitcoin, which has contributed to its recent price surge. Additionally, there is optimism surrounding the upcoming halving event. This event will reduce the block rewards by half, creating a scarcity crisis that could further support Bitcoinโs price.
Hot Take: Bitcoin Set for Significant Growth in Next Year
According to one crypto analyst on X, Bitcoin has been on a tear in the past few months and will likely peak at around the $150,000 to $200,000 zone in the next nine to twelve months. The analyst compares Bitcoinโs current cycle to previous ones in 2017 and 2021 and notes that after breaking ATHs, Bitcoin experienced significant gains before peaking nine to twelve months later. Based on this analysis, the analyst predicts a potential expansion of 120% to $150,000 even with a conservative approach. However, if bullish sentiment continues and institutional buyers remain active, Bitcoin could potentially reach over $200,000.
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