Bitcoin (BTC) may be on the brink of its final explosive rally in a four-year market cycle, which typically initiates with the onset of a halving event and peaks just prior to the next one. A crypto analyst has confidently suggested that Bitcoin’s price could soar to $200,000 and beyond, setting new All-Time Highs (ATHs) and marking the apex of the anticipated bull market.
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Bitcoin Approaches Final Pump Phase
On September 19, the crypto analyst known as ‘Stockmoney Lizards’ took to X (formerly Twitter) to share his latest forecasts regarding the crypto market, with a specific focus on the cyclical nature of Bitcoin’s price fluctuations in relation to its halving events.
The analyst suggests we are currently at the onset of the “final pump of the Bitcoin bull cycle.” Based on historical trend patterns observed after previous halving events, Stockmoney Lizards posits that Bitcoin is expected to peak between September and October 2024. Cycle top usually indicates the highest price BTC might reach during a bull market.
Stockmoney Lizards has shared his personal price forecasts for Bitcoin during this apparent final pump phase. He expects that the cryptocurrency could achieve prices ranging from $200,000 to $260,000, marking these as potential cycle tops for this market cycle.
By presenting a detailed chart that outlines Bitcoin’s historical price trends from 2016 to the present, Stockmoney Lizards highlighted the bullish and bearish patterns following each halving event. He noted the last three cycle tops observed during past halving events, depicting a distinct trend pattern in which the market undergoes an extended bull run following the Bitcoin halving, approximately every four years.
The analyst pointed out that this trend is repeating itself in the current market cycle, prompting him to predict that Bitcoin’s price will reach its peak between $200,000 and $260,000. This significant rise suggests a price increase of around 218% to 313% from Bitcoin’s current price of $63,000, as of the time of this writing.
Bitcoin 200-Day SMA to Validate Bull Market
While some might contend that the Bitcoin bull market has already commenced, others argue that it is still forthcoming, potentially paving the way for one of the most significant rallies in Bitcoin’s history. Recent insights from Ali Martinez, a noted crypto analyst, suggest that the timing for the much-anticipated Bitcoin bull run might soon be validated, as Bitcoin is once more testing the 200-day Simple Moving Average (SMA).
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Martinez noted that historically, failing to maintain this crucial support level has led to significant price corrections for Bitcoin. He referenced similar bearish trends observed in 2014, 2018, and 2020, times when Bitcoin fell short of reaching this support level.
Consequently, the analyst has urged investors and market specialists to stay vigilant regarding Bitcoin’s ongoing market dynamics, cautioning that a rejection at this stage could pose challenges for the cryptocurrency.
Featured image from Pexels, chart from TradingView
