- Mapping Bitcoin’s price prediction as BTC breaks out of a six-month consolidation.
- This bull run’s price discovery phase could push BTC beyond $200k.
Bitcoin [BTC] set a new all-time high at $76.4k, on the 6th of November, after the U.S. elections saw Donald Trump emerge victorious.
Trump’s pro-crypto stance and promises could aid 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 BTC halving year, as well as a U.S. presidential election year.
In November 2020, Bitcoin’s trend was bullish. Once the U.S. election’s winner was declared, the market faced less uncertainty and quickly started to surge.
A similar scenario could play out in the coming weeks.
The previous cycle saw 319% gains in just over five months. If this is replicated, this would take BTC to $288k by the first week of April 2025. However, this route is highly unlikely to occur.
Each cycle has seen lesser gains over a longer period than the preceding cycle, making a long-term Bitcoin prediction a hard task.
The Fibonacci levels show where the immediate targets lie, but it wouldn’t be surprising if $109k is breached in 2025.
This insight is from on-chain metrics, which continue to show that BTC is quite early in its bull run and is not close to a top yet.
Using the previous run to predict this one
Source: BTC/USDT on TradingView
In 2017, Bitcoin captured many eyes by rallying 600% in three months after being assumed dead just a year earlier.
Using the price action from then, we can see that most of those gains were retraced by 2019 before the next bull run began in 2020.
Using another set of Fibonacci levels, we can see that the retracement in 2022 consolidated around the 78.6% level.
Note, the March highs were taken and not the November ones because a significant move thereafter was absent.
The 2017 run’s 227% extension was $58.4k, close to Bitcoin’s weekly session closes in early 2021.
Therefore, a bold prediction for Bitcoin’s price is that it will reach at least $225k this cycle, with an all-time high 10-15% higher.
Read Bitcoin’s [BTC] Price Prediction 2024-25
Since each successive BTC cycle slows down, this $200k+ Bitcoin target could take another year or more to achieve.
At the same time, many renowned analysts and market participants, Ki Young Ju among them, believe that prices beyond $100k would be difficult to achieve.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
