- Charting Bitcoin’s price forecast as BTC emerges from a six-month consolidation.
- The price discovery phase of this bull run could push BTC past $200,000.
Bitcoin [BTC] set a new all-time high of $76.4,000 on November 6, after Donald Trump emerged victorious in the US elections.
Trump’s pro-crypto stance and promises could help Bitcoin and the rest of the crypto sphere.
Bitcoin Price Prediction: A Repeat of 2020 in Sight?
Source: BTC/USDT on TradingView
The year 2020 was a halving year for BTC, as well as a year for the US presidential election.
In November 2020, Bitcoin’s trend was bullish. Once the winner of the US election was declared, the market faced less uncertainty and began to rise rapidly.
A similar scenario could play out in the coming weeks.
The previous cycle saw a gain of 319% in just over five months. If repeated, this would take BTC to $288,000 by the first week of April 2025. However, this route is very unlikely to materialize.
Each cycle has seen fewer gains over a longer period of time than the previous cycle, making long-term Bitcoin prediction a difficult task.
The Fibonacci levels show where the immediate targets are, but it wouldn’t be surprising to see $109,000 breached in 2025.
This insight comes from on-chain statistics, which continue to show that BTC is quite early in its bull run and not yet close to a top.
Use the previous run to predict this one
Source: BTC/USDT on TradingView
In 2017, Bitcoin attracted a lot of attention by rising 600% in three months after being considered dead just a year earlier.
Using the price action back then, we can see that most of these gains in 2019 were regained before the next bull run started in 2020.
Using another set of Fibonacci levels, we can see that the 2022 retracement consolidated around the 78.6% level.
Note that the March highs were taken and not the November highs as there was no significant movement after that.
The 227% extension of the 2017 run was at $58.4k, close to the close of Bitcoin’s weekly session in early 2021.
Therefore, a bold prediction for Bitcoin’s price is that it will reach at least $225,000 this cycle, with an all-time high of 10-15% higher.
Read Bitcoin’s [BTC] Price forecast 2024-25
As each successive BTC cycle slows down, it could take another year or more for this $200,000 Bitcoin goal to be reached.
At the same time, many renowned analysts and market participants, Ki Young Ju among them believe prices would be above $100,000 difficult to reach.
Disclaimer: The information presented does not constitute financial advice, investment advice, trading advice or any other form of advice and is solely the opinion of the writer