The price of Bitcoin has been bearish for the last two days, dropping by around 8%. However, this is also within a more general consolidation phase, which has been looking more bearish than bullish.
Nevertheless, some top analysts are seeing a major spike that could take the price to $100,000 and $200,000 (6-figures). Let’s look at their perspectives:
Historical Reference from Past Halving Events
One of the analysts seeing a major spike coming is Mags (@thescalpingpro). His analysis looks into Bitcoin’s historical price movements after halving events.
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The analysis compares Bitcoin’s price surges and timeframes from previous cycles following halving events:
2013 Cycle: After the 2012 halving, Bitcoin surged by over 9,500%, reaching its peak 406 days later.
2017 Cycle: Post the 2016 halving, Bitcoin climbed 4,100%, peaking 511 days after the event.
2021 Cycle: Following the 2020 halving, Bitcoin gained 636%, with a peak 546 days later.
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Mags acknowledged Bitcoin’s current consolidation phase. He said that if the historical pattern continues, we could see a rally that will top out around June to October 2025. This will be around 550 days from now.
Mags sees the possibility of Bitcoin spiking as high as it did in the past. However, he said that just a 300% rally will take Bitcoin to around $200,000.
Imminent Cup and Handle Pattern Breakout
Jelle, another crypto analyst, also noted that Bitcoin has been trading inside a big cup and handle pattern for the past 3 years.
#Bitcoin is still trading inside this major cup & handle pattern 3+ years in the making, it's about time we start making our way towards the target: $100,000+.Let's go! pic.twitter.com/O7BaqXcRfN
— Jelle (@CryptoJelleNL) August 27, 2024
His analysis shows that a breakout could soon happen, and this could trigger a rally to at least $100,000.
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