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If price history repeats itself, Bitcoin can reach $140,000 in 3 months. But how does this happen? Bitcoin price could be poised for a big move up if it repeats previous market cycle patterns, according to Pooyan Music. The previous two cycles may indicate where Bitcoin price will go after breaking the previous record high.
In the 2013 cycle, the price of Bitcoin peaked around $1,130, but by March 2017, it had broken this level again. However, over the next three months, the price of Bitcoin doubled.
When it reached an all-time high of $20,000 in 2017 in December 2020, the price of Bitcoin doubled within a month.
Bitcoin’s 2021 all-time high of $69,000 was reached in March, so if the cyclical date rhymes, prices could potentially reach around $140,000 in the next few months.
A similar analysis was provided by Alpha Analysis on May 23 in a post on X. They added that in 2014 and 2017, there were several-week corrections after a brand new price peak and before a share below.
Bitcoin markets appeared to reflect this move, as the asset had corrected 23% by May 2, but has recovered and remained largely range-bound since breaking the 2021 all-time high on March 12.
Fellow analyst Will Wu reached a similar conclusion on May 22. He posted on X that “while everyone was worried that the price of Bitcoin has not increased in the last 2 months, the Bitcoin in stock is quietly increasing.”
This is the last time I’ll say it…it’s only a matter of time before Bitcoin reaches its all-time high.
James Check, an analyst at Glassnod, said the markets are still far from the true euphoria stage of this bullish cycle, adding that “we’re on the borderline between euphoria and euphoria, but we’re not euphoric yet.”
Bitcoin price is currently trading very close to its November 2021 high, which provides a support base. The asset fell 0.5 percent on Thursday to trade at $69,500 in early Thursday Asian trading.
A fall from here could lead to a drop to the $67,000 support level, but a move higher would reach the $71,000 resistance.
Ethereum has continued its recent gains. Because the cryptocurrency community is collectively holding its breath for the US Securities and Exchange Commission to decide whether to approve or reject the nation’s first ETH ETF. At the time of writing, this asset was trading at $3,776.
Altcoins were either flat or saw a slight decline and didn’t really keep up with BTC or ETH during the recent rally.
