8 months ago
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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 $150,000 zone in the next nine to 12 months.
The bullish preview hinges on Bitcoin’s historical performance after breaking all-time highs (ATHs), especially in the last years, including 2017 and 2022. Since October 2023, the coin has been trending higher, rising from below $25,000 to surging above the $40,000 level.
In the first two weeks of March, the coin broke above $70,000 to register fresh all-time highs of around $72,800. However, bulls are not slowing down. Looking at recent price action, Bitcoin broke above $73,000 on March 12 before those gains were extended on March 13.
Bitcoin To Peak By December At Over $200,000?
Following the recent upswing on March 12, the technical analyst says Bitcoin is preparing for a strong leg up as it enters uncharted territory and price discovery. While prices have been oscillating, moving in tight ranges after tearing higher in the Asian and European sessions, the uptrend remains, and bulls have a chance.
To cement this bullish outlook, the analyst points to historical cycles, specifically 2017 and 2021. In both instances, Bitcoin posted sharp gains after breaking above all-time highs. However, even with this breakout, the rally peaked after nine to 12 months.
BTC price action in the past | Source: Analyst via X
The analyst notes that in 2017, Bitcoin soared 1,300% before peaking after nine months once after recording all-time highs at around $20,000. Similarly, in 2021, Bitcoin climbed 250% before peaking 12 months after breaking above 2017-2018 highs of $20,000. By November 2021, the coin had rallied to $70,000.
By comparing the current cycle to past ones, the analyst suggests a potential peak within the next 9 to 12 months after prices floated above $70,000 in early March 2024.
Notably, the analyst thinks BTC will expand by 120% to $150,000 even with a conservative approach, disregarding bullish sentiment. Meanwhile, assuming buyers are buoyant and institutions don’t slow down on their current purchase, the coin might add at least 200% from $70,000, placing it at over $200,000.
Institutions Driving BTC Demand, Impact Of Halving
Still, only time will tell where Bitcoin will rally to in the next few months. For now, the broader crypto community expects the coin to soar in the coming days, pumped by institutional demand.
Moreover, there is more confidence in the upcoming halving event. The network will slash rewards by half. Analysts expect this to create a scarcity crisis that might support prices.
Feature image from Canva, chart from TradingView
