Bitcoin‘s price peaked at an all-time high of $73,881 in March 2024, marking a remarkable 68% increase in the first quarter. However, it has since struggled to maintain levels above $60,000 and has fallen short of reaching $70,000. A recent study suggests a significant 174% price increase by the end of 2024. Bitcoin’s price climbed above $60,000 after displaying a bullish morning star pattern on its weekly chart but has recently dipped below $59,000.
What Will Bitcoin’s Price Be?
Renowned Bitcoin analyst Sminston With shared his insights on social media, examining the peaks of previous Bitcoin bull cycles in 2011, 2013, and 2017. His analysis focused on evaluating each peak’s decline by analyzing BTC’s price movement at the highest level of each cycle. This historical perspective provides crucial insights into Bitcoin’s future price trajectory.
With applied an “exponential decline fit” to determine BTC’s highest level in 2021, using data from 2011, 2013, and 2017. The findings were consistent, with the predicted peak price of $65,732.72 closely matching the actual peak of $64,682.47, a difference of approximately $1,050. This method’s accuracy provides a strong foundation for future predictions.
Bitcoin Predictions for 2024/2025?
When questioned about potential price estimates for the 2024/2025 price cycle, With’s results were quite intriguing. The quarterly targets for 2024-2025 are outlined, but the analyst cautioned investors to approach these predictions with care. The projections suggest significant price movements, yet uncertainties remain in the volatile crypto market.
Key Inferences from the Analysis
– Bitcoin’s historical peaks show a pattern that can be used to predict future trends.
– The current price movement is in line with other mathematical models and exponential decay concepts.
– Bitcoin’s regression line value is around $88,000 and is expected to reach $100,000 by early 2025.
– If past trends repeat, Bitcoin could exceed $100,000 in the next bull cycle.
The study aligns with other mathematical models, indicating possible positive price movements in the coming months. For instance, the Bitcoin power law, rooted in the same exponential decay concept, shows that Bitcoin has not yet hit a new peak. As illustrated in the accompanying graph, BTC remains below the linear regression line, suggesting room for growth in the current bull cycle.
Historically, Bitcoin has reached new peaks during bull runs when it surpassed the linear regression line. Currently, the regression line value stands around $88,000, with expectations to hit $100,000 by early 2025. Should historical patterns hold, Bitcoin’s next peak could potentially surpass $100,000, marking a significant milestone for the cryptocurrency.