The post Bitcoin All Set To Surge 300%, Here’s When BTC Price Could Peak appeared first on Coinpedia Fintech News
Bitcoin maintained its gains on Monday after a 10% rise last week, closing above $64,000. The rally was fueled by Fed Chairman Jerome Powell’s confirmation of an upcoming interest rate cut in September, boosting market sentiment. This optimism led to over $500 million in net inflows into US spot Bitcoin ETFs, while on-chain data, including a declining Miners Position Index and positive funding rates, point to a bullish outlook.
With Bitcoin’s uncertain price, well-known crypto analysts offer their insights and predictions.
Expert’s Ultra Bullish Call?
Bitcoin has consistently followed a remarkable pattern in its price cycles, with significant peaks occurring several months after each halving event. According to famous crypto trader Mags, these halvings, which reduce the reward for mining new blocks by half, have historically been followed by dramatic price increases as the market reacts to the reduced supply of new Bitcoin entering circulation.
#Bitcoin – When Will Bitcoin Top Out?Bitcoin has shown a pattern in previous cycles where it tops out several months after the halving event.In 2013, Bitcoin pumped by over 9,500% and peaked 406 days after the halving.In 2017, it climbed by 4,100%, reaching its peak 511… pic.twitter.com/VMuZ88BJ5M
— Mags (@thescalpingpro) August 26, 2024
Looking back at previous cycles
Bitcoin has seen remarkable gains in past cycles, peaking 406 days after the 2013 halving with a staggering 9,500% rise. In 2017, it surged 4,100% and peaked 511 days post-halving. The 2021 cycle showed a more modest but impressive 636% increase, with the peak occurring 546 days after the halving.
Mags is optimistic, saying Bitcoin is still in a bullish trend. If Bitcoin follows its historical patterns, it could soon experience a significant breakout.
Timeline for the Potential Breakout
He notes that Bitcoin has been trading within a range for the past 25 weeks. Historically, such periods of consolidation can last between 8 to 30 weeks before a major price change happens. However, if history is any indicator, this period of relative calm might be the call for another bull run.
Notably, if Bitcoin follows a similar trajectory to past cycles, Mags suggests that the next major peak could occur between June and October 2025, approximately 400-550 days from now. This timeline aligns with the patterns observed in previous cycles, where the price tends to explode upwards as the effects of the halving fully permeate the market.
Bitcoin’s Path to $200,000?
The historical trend suggests that Bitcoin could be on the verge of another bull run, with the one-week RSI showing signs of a rebound and strong support from the 50-week moving average since 2014. Even if the next cycle sees only half the growth of the previous one, Mags estimates that Bitcoin could still rise by 300%, potentially reaching around $200,000. While it’s uncertain if this target will be hit by 2026, the next few years are exciting for investors, with historical patterns pointing to significant price movements ahead.
Are you a Bitcoin bull or bear? Share your investment strategy.
