Bitcoin (BTC) Could Surge to $200,000 and Above, Marking New All-Time Highs (ATHs)

Bitcoin (BTC) could be gearing up its last explosive rally of a four-year market cycle, which traditionally kicks off at the beginning of a halving event and culminates just before the next one.

A crypto analyst is predicting that Bitcoin (BTC) could rally to $200,000 and above, setting new all-time highs and marking the peak of the bull market.

The analyst, known as ‘Stockmoney Lizards,’ shared his prediction on X (formerly Twitter) on September 19. He noted that Bitcoin’s price tends to follow a cyclical pattern, with each cycle beginning at a halving event and culminating just before the next halving.

According to Stockmoney Lizards, the market is currently at the start of the “final pump of the Bitcoin bull cycle.” Based on historical trend patterns following past halving events, the analyst said he has “high expectations” for Bitcoin to reach its cycle top between September and October 2024.

Cycle top here typically means the highest price level BTC can achieve during a bull market.

Stockmoney Lizards also shared his personal price targets for Bitcoin during this last pump stage. He predicts that the crypto could reach a price between $200,000 and $260,000, identifying these targets as the potential cycle top for this market cycle.

The analyst included a chart that depicts Bitcoin’s historical price movements from 2016 to present, highlighting the bullish and bearish events following each halving. He noted the last three cycle tops during past halving events, showing a trend where the market experiences an extended bull run after the Bitcoin halving, roughly every 48 months.

According to Stockmoney Lizards, this trend pattern is repeating in the current market cycle, which is leading him to predict that Bitcoin’s price will peak between $200,000 and $260,000.

This dramatic increase would represent a price surge of approximately 218% to 313% from Bitcoin’s current price of $63,000, as of writing.

Bitcoin 200-Day SMA to Confirm Bull Market

While some would argue that the Bitcoin bull market has already begun, others believe that it is yet to arrive, potentially ushering in one of the biggest rallies in Bitcoin’s history.

According to Ali Martinez, a prominent crypto analyst, the timing for the highly anticipated Bitcoin bull run may soon be confirmed, as Bitcoin is once again testing the 200-day Simple Moving Average (SMA).

Martinez noted that historically failing to claim this critical support level has led to steep price corrections for Bitcoin. He pointed to similar bearish trends observed in 2014, 2018 and 2020, when Bitcoin failed to reach this support.

As a result, the analyst said that investors and market experts should pay close attention to Bitcoin’s current market trends, warning that a rejection at this point would spell trouble for the cryptocurrency.