Bitcoin’s Unprecedented Surge: Analysts Forecast a $150,000 Peak in This Cycle

The price of Bitcoin recently soared past $73,000, continuing its frantic growth after a brief dip. Since the market low of 2022, Bitcoin has surged an incredible 374%, with recent weeks witnessing what can only be described as manic buying. The market is acting as though miners will extract the last coin tomorrow, with aggressive purchasing underscoring the ease with which the supply, even when strong, is being absorbed. However, the pace of Bitcoin’s price increase in recent weeks has begun to raise concerns. Although not as apparent on the candlestick chart, switching to a line chart reveals that the current price expansion might be even more aggressive than in 2020 and 2021, with no corrections or pauses in sight, just a relentless climb.

Bitcoin’s 374% Rally Since Market Low

As mentioned earlier, Bitcoin’s price has risen 374% from the market bottom in 2022, a remarkable surge that naturally draws significant attention. The price trajectory of the past few weeks resembles a sheer vertical climb, a pattern Bitcoin has historically demonstrated. It’s not surprising, therefore, that as the price neared its original ATH, an aggressive rally began.

Should Bitcoin’s price close the week as it has started, we’ll witness three large green candles in succession—a sure bullish signal indicating that the price expansion could continue. Each green candle is a bullish signal in itself, and three in a row amplify this sentiment. If I’m not mistaken, this candlestick formation is known as “three white soldiers.”

BTC Week chart

The Rally to New Historical Highs: A Closer Look

The Bitcoin rally breaking new historical highs above $70,000 is unusual for several reasons. Most experts agree that the leading cryptocurrency is still in its early stages and has a long way to go.

Using historical patterns, Rekt Capital discovered that Bitcoin traditionally reaches its peak within 518-546 days post-halving. However, the current cycle shows signs of acceleration, suggesting a deviation from the typical cycle length by approximately 260 days.

By measuring bull market peaks from the moment Bitcoin breaks its old historical high, the analysis predicted a potential peak within 266-315 days.

Interestingly, Bitcoin has recently broken new historical highs, signaling a crucial phase of this cycle. If the accelerated perspective holds, the next bull market peak could occur between December 2024 and February 2025, according to Rekt Capital’s latest analysis.

Is a $150,000 Target in Sight?

Analysts at Bernstein remain confident that Bitcoin could reach $150,000 by mid-2025, especially after its value climbed to new historical highs this year. They further predicted that Bitcoin would experience a significant growth trend following the upcoming halving, reaffirming their optimistic outlook despite the stock price declines of some miners.

Highlighting the increasing influx of funds into exchange-traded funds (ETFs), the firm confirmed its $150,000 price target for Bitcoin. It also recommended that investors consider buying shares of Bitcoin mining companies to capitalize on the anticipated rally.

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