As Bitcoin (BTC) seeks to reclaim the previous major support level of $60,000, one prominent analyst says the crypto’s historical performance suggests the potential for further gains, possibly into six figures.
An analyst who goes by the pseudonym apsk32 predicts that BTC could reach $225,000 in the coming months.
These predictions are based on an in-depth assessment of BTC’s historical price action and how well it fits the power-law support model.
Bitcoin BTC's historical cycle and future potential
Finbold reports that the apsk32 model incorporates the cyclical characteristics of Bitcoin BTC price changes, which traditionally follow a four-year cycle. Each cycle usually reaches a significant price peak, followed by a correction phase.
The analysis specifically highlights the peaks in 2013, 2017 and the striking twin peaks in 2021.
According to Apsk32, if the cryptocurrency continues to follow previous cyclical patterns, it could reach power law support five years earlier than October 2025. This scenario would place BTC prices around $255,000 by then.
“If Bitcoin BTC breaks 5 years ahead of the power law support on October 1, 2025, it would be worth $255,000,” the analyst said.
Short-term goals and market sentiment
Despite the bullish long-term outlook, short-term targets for Bitcoin BTC remain important. Recently, BTC price acceleration in 2024 hints at potential deviations from the previous cycle.
However, Apsk32 advises caution, noting that similar optimism in previous cycles tends to remain consistent with historical patterns.
For Bitcoin BTC to achieve such an ambitious goal, investors are currently watching for important short-term milestones. In the current cycle, Bitcoin BTC hitting a new record high of $100,000 immediately caught people’s attention.
Short-term bearish sentiment briefly hindered Bitcoin’s progress toward this level, but the market generally expects a post-halving rally that could push Bitcoin to this milestone.
Currently, BTC is struggling to retake the $60,000 support level. Cryptocurrency analyst Ali Martinez said that in order for Bitcoin to continue its bullish trajectory, Bitcoin needs to retake the $61,000 level and maintain this position.
Bitcoin bulls are now in the spotlight, looking to maintain their current positions as the market attempts to shake off the panic induced by Mt. Gox.
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