Analyst Says Bitcoin to $250K as Most Powerful BTC Bull Run Phase Begins
thecryptobasic.com 30 August 2024 09:37, UTC As Bitcoin struggles at the $60,000 territory, market analyst Aurelien Ohayon recently asserted that its most powerful bull run has just begun.
Ohayon’s recent calls attention to an interesting pattern in Bitcoin’s long-term price movements. With this, he suggested that the most potent phase of the current bull run is just beginning.
Historical Pattern
Notably, the accompanying chart traces Bitcoin’s historical tops and bottoms across three previous market cycles. Each cycle features a steep climb to a new all-time high, followed by a significant decline and a period of consolidation before the price surges once again.
This pattern was evident from Bitcoin’s first major peak on the chart, attained in November 2013 when the price soared to $1,163. After reaching this peak, Bitcoin underwent a steep correction, eventually bottoming out at $152 in January 2015.
From this low, Bitcoin embarked on a remarkable recovery, culminating in a second peak of $19,666 in December 2017. The subsequent decline was equally dramatic, with the price reaching a low of $3,122 in December 2018.
After this bottom, Bitcoin hit its third peak of $69,000 in November 2021. Meanwhile, following the November 2021 high, Bitcoin entered a prolonged downturn, hitting a low of $15,479 in November 2022. This formed the third significant bottom on the chart.
Bitcoin in the Current Cycle
Nonetheless, in a pattern inconsistent with previous cycles, Bitcoin’s latest recovery saw it hit a new all-time high of over $73,000 by March 2024. This high came up sooner than market analysts projected.
Notably, during previous cycles, Bitcoin never reached a new all-time high before a halving event. However, the March 2024 all-time high came up a month before the latest halving event in April. Some have attributed this to the advent of institutional investors through the spot Bitcoin ETFs, launched in February.
Despite this impressive gain, Ohayon suggests that Bitcoin has not yet reached its peak for this cycle. The chart indicates that the most powerful phase of the bull run is still ahead, with the potential to drive Bitcoin’s price to an astonishing $250,000.
The analyst based this projection on the assumption that Bitcoin will follow a similar trajectory to previous cycles, with the final stage of the bull run featuring exponential gains. Market Veteran Brandt had previously asserted that $73K was the top for this cycle. Nonetheless, he recently reviewed his analysis, projecting another pump to $92K.
Bitcoin’s monthly Bollinger Bands also confirm that this cycle’s top might still be in the works. Notably, in previous cycles, the Bollinger Bands tightened during consolidation and expanded whenever the cycle top reached. As BTC trades for $59,107, the Bands have remained tightened at press time.
