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Bitcoin (BTC) Could Be Gearing Up for Its Last Explosive Rally
Bitcoin (BTC) could be preparing for its final explosive rally of a four-year market cycle, which traditionally begins at the start of a halving event and climaxes just before the subsequent one. A crypto analyst has boldly predicted that Bitcoin’s price could skyrocket to $200,000 and beyond, setting new All-Time Highs (ATHs) and marking the peak of the much-anticipated bull market.
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Bitcoin Enters Final Pump Stage
On September 19, ‘Stockmoney Lizards,’ a crypto analyst, took to X (formerly known as Twitter) to share his latest prediction about the crypto market, specifically focusing on Bitcoin’s price movements and halving events. According to the analyst, the market is currently at the beginning of the “final pump of the Bitcoin bull cycle.” Based on historical trend patterns following previous halving events, Stockmoney Lizards has high expectations that Bitcoin will reach its cycle top between September and October 2024. In this context, the cycle top refers to the highest price level BTC can achieve during a bull market.
The analyst has revealed his personal price targets for Bitcoin during this anticipated final pump stage. He forecasts that Bitcoin could achieve a price range between $200,000 and $260,000, identifying these targets as the potential cycle top for this market cycle.
Currently, BTCUSD is trading at $63,127. A detailed chart depicting Bitcoin’s historical price movements from 2016 to the present was shared by Stockmoney Lizards. The chart highlights the bullish and bearish events following each halving event, drawing a unique trend pattern where the market experiences an extended bull run post-halving, roughly every 48 months.
The analyst noted that this trend pattern is recurring in the current market cycle, leading him to predict that Bitcoin’s price will peak between $200,000 and $260,000. This dramatic increase represents a price surge of approximately 218% to 313% from Bitcoin’s current price of $63,000 as of the time of writing.
Bitcoin 200-Day SMA To Confirm Bull Market
While some argue that the Bitcoin bull market has already begun, others believe it has yet to arrive, potentially heralding one of the most significant rallies in Bitcoin’s history. According to reports from Ali Martinez, a prominent crypto analyst, the timing for the highly anticipated 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 revealed that historically, failing to claim this critical support level has led to steep price corrections for Bitcoin. He pointed out similar bearish trends observed in 2014, 2018, and 2020 when Bitcoin failed to reach this support level.
As a result, the analyst has urged investors and market experts to closely monitor Bitcoin’s current market trends, warning that a rejection at this point would signify trouble for the cryptocurrency.
