|
|
A Crypto asset analyst on X stated that BTC has been on the rise for the past few months and may peak at around $150,000 in the next 9 to 12 months.
This bullish prediction is based on BTC's historical performance after breaking previous highs, especially in 2017 and 2022.
Since October 2023, BTC has been on an upward trend, soaring from below $25,000 to over $40,000.
In the first two weeks of March, BTC's price broke $70,000, reaching a historical high of around $72,800.
However, this trend has not slowed down. From the recent price movements, BTC broke $73,000 on March 12th and continued this upward trend on March 13th.
Technical analysts suggest that after BTC's rise on March 12th, it is entering unknown territory and a price discovery phase, leading to a strong uptrend.
Despite fluctuations within a narrow range after significant increases in Asian and European markets, the upward trend persists, indicating continued bullish sentiment.
To reinforce this bullish outlook, the analyst also pointed out historical cycles, especially in 2017 and 2021.
In both instances of price fluctuations, BTC experienced significant increases after breaking previous highs. However, even after achieving breakthroughs, the uptrend reached its peak 9 to 12 months later.
In 2017, BTC surged by 1300%, reaching its peak 9 months later, hitting a historical high of around $20,000.
Similarly, in 2021, BTC climbed 250% after breaking the high of $20,000 from 2017-2018, reaching its peak 12 months later. By November 2021, BTC had rebounded to $70,000.
By comparing the current cycle with past cycles, the analyst believes that after BTC's price fluctuations exceeded $70,000 in early March 2024, it may reach its peak in the next 9 to 12 months.
It is worth noting that even with a conservative approach, without considering bullish sentiment, BTC is expected to rise to $150,000, a 120% increase.
Meanwhile, assuming high buyer enthusiasm and institutions continue their current purchasing pace, the asset could rise by at least 200% from $70,000, pushing its price above $200,000.
However, only time will tell where BTC will rise in the coming months.
Currently, the wider Crypto asset community expects BTC to surge in the coming days, driven by institutional demand.
Additionally, there is confidence in the upcoming halving event, which will halve the rewards, potentially causing a scarcity crisis that could support prices. |
|
Post time 22-3-2024 22:20:01
