Bitcoin Price Enters ‘Second Breakout Of The Cycle,’ Analyst Puts Peak Above $150,000
November 09 2024 - 10:30PM
NEWSBTC
The Bitcoin price could see its second massive breakout in this
current market cycle, as a crypto analyst has predicted a peak
above $150,000 for the pioneer cryptocurrency. This bullish
forecast comes on the heels of Bitcoin’s previous All-Time High
(ATH) this month when it surpassed the $75,000 mark. Related
Reading: SEC Shake-Up: Robinhood Legal Boss On Shortlist For Top
Spot—Report Bitcoin Price Peak Set Above $150k In just 2024,
Bitcoin has reached three major all-time highs, making a historic
move for the cryptocurrency. Earlier in March, the cryptocurrency
crossed the $73,000 level, hitting a new ATH. A few days after the
November United States (US) Presidential election, the
cryptocurrency exceeded expectations with a massive rally to an ATH
above $75,000. Today, Bitcoin just hit a fresh ATH, surpassing the
$77,000 price level. Each of these ATHs were primarily
spurred on by different market factors, with the March price high
fueled by the launch and surging demand for Spot Bitcoin ETFs and
the November ATHs triggered by the market sentiment following
Donald Trump’s reelection as the 47th President of the United
States. Considering these major market moves, a crypto
analyst, identified as Titan of Crypto on X (formerly Twitter), has
released Bitcoin’s second most critical breakout of this market
cycle. Sharing a detailed chart of Bitcoin’s price movements from
2013 to the present, the analyst highlighted a projected path for
BTC to reach a market peak above $160,000. The analyst
predicted that the price of Bitcoin could surge between $160,000
and $230,000 by 2025. Titan of Crypto based this bullish prediction
of Bitcoin’s market peak on the cryptocurrency’s historical price
action. Based on the chart, the analyst showed that Bitcoin hit a
“2nd breakout” between 2016 and 2018, leading to a price surge of
$12,679. Similarly, in the following market cycle, Bitcoin hit
another second breakout between 2019 and 2021, triggering a price
increase to $50,509. With the same breakout pattern in this
current market cycle, Titan of Crypto has set Bitcoin’s next
bullish target and price peak above $160,000. This considerable
surge represents a 109% increase from its current price of $76,559
and a 107% increase from its present ATH.
Analyst Says Bitcoin Price To Hit $100k By December Crypto
analyst Trader Tardigrade has also revealed a bullish forecast for
the Bitcoin price on X. Presenting a chart comparing Bitcoin’s
price action in 2023 and 2024; the analyst denoted that BTC is on
track for a significant pump as it mirrors bullish moves seen in
the previous year. Related Reading: XRP On Fire: Analyst
Predicts $4 Milestone As Token Rallies 11% Based on past trends,
Trader Tardigrade has predicted that Bitcoin will reach $100,000 by
early December 2024. In his price chart, the analyst has
highlighted a potential price increase above $180,000 for Bitcoin
by 2025. Featured image from Forbes, chart from
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