Bitcoin (BTC) Price Can Still Rally to $300,000 in This Cycle

Pseudonymous on-chain analyst Chiefy disclosed on X (formerly Twitter) that Bitcoin price can still rally to $300,000 in this cycle.

As the crypto community buzzes with talk of the bull market ending, one analyst says Bitcoin price could make one last-gasp effort to reach $300,000.

Bitcoin Price Can Still Hit $300,000 In This Cycle

Pseudonymous on-chain analyst Chiefy disclosed in a post on X (formerly Twitter) that Bitcoin price can still rally to $300,000 in this cycle. According to him, the BTC correction is nearing its end, stoking enthusiasm for a fresh rally for the largest cryptocurrency.

Chiefy’s analysis takes a contrarian stance against theories that the BTC bull run is over, following a recent price correction. He explained that each four-year cycle historically leads to a massive price spike for Bitcoin with the analyst projecting an even bigger all-time high for the asset. In each cycle, Bitcoin will undergo four phases including accumulation, uptrend, distribution, and downtrend phases.

Defending the recent price slump, Chiefy argued that Bitcoin price has faced massive corrections of up to 40% in previous cycles. According to his prediction, the bull run will reach its logical conclusion sometime in 2026.

“Corrections are a natural part of every bull market and play a key role in resetting leverage, shaking out weak hands, and allowing for healthier price growth,” said Chiefy.

CME Data Provides A Ray Of Hope For Institutional Interest In Bitcoin

On another note, recent data from CME shows that institutional investors appear to be pulling back with CME’s 90-day Open Interest Delta standing at -$10 billion.

While the recent data may support claims of waning institutional interest, 30-day, and 7-day charts are promising for short-term price movement.

Analysts say that even if prices fall to $64K, the bull market remains alive given Bitcoin’s growing dominance. On the other hand, speculation around the Fed ending quantitative easing may trigger a Bitcoin rally in the near future.

Other fundamentals including the Fed’s decision to keep interest rates unchanged may stoke the embers of a Bitcoin price rally. In an upbeat news, BlackRock’s Bitcoin ETF recorded its highest daily inflow in six weeks as several players dip their feet into the murky waters of Bitcoin lending businesses.