The Bitcoin prize made a dreamy start of the last quarter of the year, the historic bullish month of October started with a recovery of the level of $ 120,000. After more than a month of turbulent price action, the largest cryptocurrency in the world seems to be resuming its bullish upward trend.
With the price that is closed above $ 124,000 at its highest price, investors will want to see how far the most important cryptocurrency can go in the latest lead. According to an on-chain analyst on social media platform X, the price of BTC in the current run could rise to $ 160,000.
Why a break above $ 128k is crucial for BTC’s Bull Run
In a post of 3 October on X, Crypto analyst Axel Adler Jr. put forward A goal of $ 160,000 for the Bitcoin price at the start of next year. According to the online expert, the ongoing progression of the BTC price action to these unprecedented high hinges on two primary conditions, or two price levels.
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This bullish analysis revolves around the historical price performance of Bitcoin after the half -time event. The halving event is usually seen as a catalytic event that activates the long -term price collections for BTC, because it means that it is created half of the volume of the most important cryptocurrency.
As observed in the graph above, the model-based model shows by a trend-based prediction that each half-half-peak produces an exponentially higher peak for the Bitcoin price. According to this model, the price of BTC has printed a postaling peak around $ 57,000 after the 2020 event, which defeated the previous High of $ 4,250.
Adler Jr. revealed that the Bitcoin price could go to $ 160,000 after the 2024 halving event, in which miner rewards decreased from 6.25 BTC to 3,125 BTC. However, to confirm this rally, the first condition is that the flagship must break cryptocurrency above $ 128,000 and will keep above this “basic” level on multiple weekly closures.
In the second condition, the on-chain analyst shared that the upward movement from Bitcoin to $ 160,000 can run the risk of being invalid if the price falls below the $ 102,000 level. According to Adler Jr. A breakdown below this level can lead to a fast scenario reset, making the target or overall trend for the Bitcoin price possible.
Ultimately, the BTC price promotion is one to pay attention in the short term, because the market leader wants to gainly recover her current of all time. In addition, a break above the record -high price can free the path for Bitcoin to reach the basic level of $ 128,000.
Bitcoin -price at a glance
From this letter, the price of BTC is around $ 122,710, which reflects a jump of 2% in the last 24 hours. According to data from Coingecko, the best cryptocurrency has risen by more than 12% in the last seven days.
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Featured image of Istock, graph of TradingView