As Bitcoin continues to consolidate around the $60,000 mark, market analyst Aurelien Ohayon has made a bold prediction: the cryptocurrency’s most powerful bull run is just beginning.
Ohayon’s analysis focuses on a recurring pattern in Bitcoin’s long-term price movements. He suggests that the current bull run, characterized by a steep climb to a new all-time high followed by a significant decline and consolidation, is still in its early stages.
Historical Patterns and Future Projections
Looking at Bitcoin’s past three market cycles, Ohayon identifies a consistent pattern:
- Cycle 1 (November 2013): Peak at $1,163, followed by a low of $152.
- Cycle 2 (December 2017): Peak at $19,666, followed by a low of $3,122.
- Cycle 3 (November 2021): Peak at $69,000, followed by a low of $15,479.
In each cycle, the price has rebounded from the low and eventually reached a new all-time high. Ohayon argues that the current cycle, which saw Bitcoin hit a new high of over $73,000 in March 2024, is following a similar trajectory.
Breaking the Mold: Institutional Investors and Halving Events
While previous cycles typically saw Bitcoin reach a new all-time high after a halving event, the March 2024 peak occurred a month before the latest halving. This anomaly is attributed to the influx of institutional investors through spot Bitcoin ETFs, which launched in February.
Despite the current price consolidation, Ohayon believes that Bitcoin’s bull run is far from over. He projects a potential price target of $250,000, based on the assumption that the final stage of the cycle will be characterized by exponential gains.
While market veteran Brandt initially predicted a peak of $73,000 for this cycle, he has recently revised his analysis to project a higher target of $92,000. This aligns with Ohayon’s bullish outlook.
Also Read: BlackRock’s Bitcoin ETF Suffers Second-Largest Outflow of $13.5M Amid Price BTC Price Dip
Technical Analysis Supports Bullish Sentiment
Bitcoin’s monthly Bollinger Bands also provide support for a bullish outlook. In previous cycles, the bands have tightened during consolidation and expanded when the cycle top was reached. The current tightening of the bands suggests that the cycle’s peak may still be ahead.
As Bitcoin continues to evolve, the market remains captivated by the potential for a significant price surge. While Ohayon’s prediction of a $250,000 peak is ambitious, it highlights the ongoing bullish sentiment surrounding the cryptocurrency.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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