How Bitcoin Could Reach $150,000 in The Next Cycle Peak

753
Bitcoin to 150000

All of the markets move in cycles, and crypto is no different. The only real major variation is that cycles in this particular market have been more compressed since Bitcoin is only 10 years old. There have been three major cycle peaks thus far over the past decade and analysts have been working with them to estimate the next one.

$150,000 BTC by July 2023

The first cycle took 329 days to reach the top and occurred in 2011 when Bitcoin asking prices hit a high of just below $32. A bear market followed until the next peak which appeared in 2014 with BTC prices topping out at approximately $1,180.

Then came the big downturn of 2014– 2015 when Bitcoin relinquished over 80%, as it has duplicated this time, dropping to below $200. The increase took over 20 months to initiate and began in late 2015 triggering the preceding peak of just below $20,000 in the 3rd cycle peak of late 2017.

Crypto analyzer Josh Rager has monitored these cyclical patterns and concluded that each cycle has had precisely 574 days added to it for it to realize the next peak. Employing this figure he has made an attempt at estimating the next peak.

A 574 day add-on to the existing cycle would position the next Bitcoin peak in mid-2023, 2051 days following the previous one. The price estimate at this peak is about $150,000 which is not completely implausible looking at the chart patterns.

Bitcoin Halving to Initiate Trend Reversal

This estimation falls in line with other indicators that order a major trend reversal and the finish of the crypto winter with Bitcoin’s halving in May next year. The depression in block reward and supply could very well compress these cycles with some declaring that a new all-time high will arrive in 2021.

In any case, the prediction is bullish in the longer term but spells more grief and sideways trading for the rest of 2019. Institutional investors are viewing long term though and some, such as New York’s Greyscale Investments, have researched halving events to establish entry points.

btc halving

2 previous halving events in 2012 and 2016 have been followed by sizable upside momentum and it is assumed that the 2020 one will have the equivalent effect. This could quite plausibly connect the cycle peak prediction and generate a massive bull run for Bitcoin and crypto markets during 2021 and 2022.

Right now Bitcoin is still having a hard time to rise above its four month resistance barrier at $4,200. BTC has hit this level a number of times recently but quickly snapped back off it. Over the past week it has floated around the $4,100 range but still can not round up enough bullish momentum to take it further just yet. The longer term outlook does look very rosy though so now would be the most ideal time to accumulate and hodl and unspent transaction output (UTXO) levels seem to illustrate that this is already happening.

Image from Shutterstock

The post How Bitcoin Could Reach $150,000 in The Next Cycle Peak appeared first on NewsBTC.

Subscribe To CryptoScoop News

Sign Up To The Latest Crypto & Blockchain News
Informed Analysis And Opinions On What Matters To You.
Invalid email address
We promise not to spam you. You can unsubscribe at any time.