Bitcoin (BTC) could be preparing its last explosive rally of a four-year market cyclewhich traditionally begins at the beginning of one halving event and culminates just before the next. A crypto analyst has boldly predicted that the price of Bitcoin could surge to $200,000 or more, marking new all-time highs (ATHs) and the peak of the long-awaited bull market.
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Bitcoin Enters Final Pump Phase
On September 19, ‘Stockmoney Lizards’, a crypto analyst took to X (formerly Twitter) to to discuss his new prediction on the crypto market, focusing particularly on the cyclical nature of the Bitcoin Price Movements and its halving events.
The analyst believes that the market is currently at the beginning of the “final pump of the Bitcoin bull cycle.” Based on historical trend patterns after previous halving eventsStockmoney Lizards has stated that they have high expectations for Bitcoin to reach its cycle top between September and October 2024. Top of the cycle here usually means the highest price level BTC can reach during a bull market.
Stockmoney Lizards Revealed Their Personnel price targets for Bitcoin During this seemingly final stage of the pump, he predicts that the cryptocurrency could reach a price between $200,000 and $260,000, identifying these targets as the potential top of the market cycle.
Sharing a detailed chart depicting Bitcoin’s historical price movements from 2016 to date, Stockmoney Lizards illuminated the bullish and bearish events following each halving event. It referenced the last three cycle tops during previous halving events, identifying a unique trend pattern where the market experiences an extended bull run following the Bitcoin Halvingapproximately every 48 months.
The analyst noted that this trend pattern is repeating itself in the current market cycleleading him to predict that the price of Bitcoin will peak between $200,000 and $260,000. This dramatic increase represents a price increase of approximately 218% to 313% from the Current Bitcoin Price of $63,000 at the time of writing.
Bitcoin 200-Day SMA Confirms Bull Market
While some would to discuss that the Bitcoin bull market has already begun, others to believe that is yet to come, potentially ushering in one of the biggest rallies in Bitcoin history. According to reports from Ali Martinez, a prominent crypto analyst, the timing for the long-awaited Bitcoin Bull Run may soon be confirmed as Bitcoin is once again testing the 200-day Simple Moving Average (SMA).
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Martinez disclosed that historically failing to claim this critical support level has led to sharp price corrections for Bitcoin. He pointed to similar downtrends 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 Current Bitcoin Market Trendswarning that a rejection at this point would spell trouble for the cryptocurrency.
Featured image from Pexels, chart from TradingView
