More and more cryptocurrency market analysts are starting to embrace the bullish narrative. Both on-chain technical indicators and market sentiment show confidence in an emerging crypto bull market. We have compiled the top 3 Bitcoin price peak predictions for the ongoing market cycle.
Bitcoin price peak predictions: $137,000 in August 2024
According to analyst Washigorir, it is possible for BTC price to reach $137,000 in less than a year. According to him, this could happen as early as August 2024, just a few months after Bitcoin’s next halving event. ‘cryptokoin.com’As you know, predictions for the halving event point to April 17, 2024. The analyst uses two complementary methods for his bold Bitcoin price peak prediction. The first of these is the BTC realized price indicator. This on-chain metric divides realized market cap by current supply (green line). The analyst also includes two deviations from the realized price in his chart. Blue marks market lows and red marks highs.
The second method is diagonal trend lines (black). This connects the trough of the previous cycle to the peak of the next cycle. Although it appears to follow historical trend lines, this method seems quite subjective. The angle of the line that determines where it intersects with the chart of the realized price can be chosen in many ways. However, the end result of Washigorira’s prediction is that the Bitcoin price will reach $137,000 in August 2024.
An ambitious prediction for BTC: $ 200,000 – $ 250,000 range
The second Bitcoin price peak prediction comes from analyst ‘seth_fin’. In his chart, he uses the famous Pi Cycle indicators for both market tops (red) and market bottoms (green). First of all, its chart fits the narrative of Bitcoin’s cyclicality triggered by halvings every four years (black lines). BTC price usually reaches the top of the next cycle approximately 12-18 months after this event.
The analyst then predicts the further course of the Pi Cycle indicators, which appear to move along the trail of a rising sinusoid. Moreover, it connects the two previous peaks. It then uses the extension of the trendline thus formed to predict the top of the Bitcoin price. According to Seth_fin, at the end of a mature bull market, Bitcoin will likely end its uptrend somewhere in the $200,000 – $250,000 range. This represents an increase of approximately 10 times from the current price. In his comment on the chart, the analyst says that the possibility of such a scenario arises from the similarity to the 2015 fractal. He also emphasizes that there should be no black swan like the Covid-19 crash of 2020.
Bitcoin price peak predictions: ATH is already in the early stages
The latest Bitcoin price peak prediction came from analyst CryptoYoddha. Interestingly, his chart does not include a prediction of the absolute peak of the cycle. It only includes proposals for the first phase of the rally. It uses a long-term parallel channel for analysis. The upper range (red) marks the area of past and future highs. The lower range (blue) indicates areas where market macro bottoms are located. In addition, he uses the famous 200-week moving average (200W MA, red). This was considered an indicator of the maximum pain level for Bitcoin price in previous cycles.
The most important part of CryptoYoddha’s analysis is the fractal similarity with the previous cycle. Contrary to previous analysts, he claims that the first phase of the upside, which is expected to occur even before the halving, will already surpass the all-time high (ATH). It targets the area around $72,000-74,000 in the median zone of the channel (gray). After that, a correction and a possible black swan will be expected. The eventual Bitcoin price peak prediction in his analysis falls outside the charts he shared. However, it is reasonable to predict that it will approach the levels discussed in the second forecast. This is above the $200,000 area.
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