Bitcoin Price Enters ‘Second Breakout Of The Cycle,’ Analyst Puts Peak Above $150,000
The Bitcoin price could see its second massive breakout in this current market cycle, as a crypto analyst has predicted a peak above $150,000 for the pioneer cryptocurrency. This bullish forecast comes on the heels of Bitcoin’s previous All-Time High (ATH) this month when it surpassed the $75,000 mark.
Bitcoin Price Peak Set Above $150k
In just 2024, Bitcoin has reached three major all-time highs, making a historic move for the cryptocurrency. Earlier in March, the cryptocurrency crossed the $73,000 level, hitting a new ATH. A few days after the November United States (US) Presidential election, the cryptocurrency exceeded expectations with a massive rally to an ATH above $75,000. Today, Bitcoin just hit a fresh ATH, surpassing the $77,000 price level.
Each of these ATHs were primarily spurred on by different market factors, with the March price high fueled by the launch and surging demand for Spot Bitcoin ETFs and the November ATHs triggered by the market sentiment following Donald Trump’s reelection as the 47th President of the United States.
Considering these major market moves, a crypto analyst, identified as Titan of Crypto on X (formerly Twitter), has released Bitcoin’s second most critical breakout of this market cycle. Sharing a detailed chart of Bitcoin’s price movements from 2013 to the present, the analyst highlighted a projected path for BTC to reach a market peak above $160,000.
The analyst predicted that the price of Bitcoin could surge between $160,000 and $230,000 by 2025. Titan of Crypto based this bullish prediction of Bitcoin’s market peak on the cryptocurrency’s historical price action.
Based on the chart, the analyst showed that Bitcoin hit a “2nd breakout” between 2016 and 2018, leading to a price surge of $12,679. Similarly, in the following market cycle, Bitcoin hit another second breakout between 2019 and 2021, triggering a price increase to $50,509.
With the same breakout pattern in this current market cycle, Titan of Crypto has set Bitcoin’s next bullish target and price peak above $160,000. This considerable surge represents a 109% increase from its current price of $76,559 and a 107% increase from its present ATH.
Analyst Says Bitcoin Price To Hit $100k By December
Crypto analyst Trader Tardigrade has also revealed a bullish forecast for the Bitcoin price on X. Presenting a chart comparing Bitcoin’s price action in 2023 and 2024; the analyst denoted that BTC is on track for a significant pump as it mirrors bullish moves seen in the previous year.
Based on past trends, Trader Tardigrade has predicted that Bitcoin will reach $100,000 by early December 2024. In his price chart, the analyst has highlighted a potential price increase above $180,000 for Bitcoin by 2025.
Featured image from Forbes, chart from TradingView