As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed the rise and fall of numerous assets, including Bitcoin. While past performance is not always indicative of future results, it can provide valuable insights into potential trends. In this case, the similarity between Bitcoin’s current cycle and the last two cycles as described by James Van Straten is quite striking. If history does indeed repeat itself, we could see Bitcoin ending the year 2024 within the $108,000 to $155,000 range. That would mean a significant increase from its current price, with the lower end representing around a 70% rise and the upper level suggesting growth of over 144%.
According to an analysis, Bitcoin might conclude the year 2024 within the $108,000 to $155,000 price bracket if its historical patterns persist.
Bitcoin Performance Has Been Similar To Last Two Cycles So Far
As a crypto investor, I’ve been intrigued by James Van Straten’s recent analysis on platform X, where he delves into the Bitcoin price trajectory, specifically focusing on the pattern from cycle lows over the past few cycles. Essentially, this chart highlights the price movement between each successive cyclical low. In our current cycle, the starting point is undeniably the dip that occurred shortly after the fall of FTX cryptocurrency exchange towards the end of 2022.
Below is the chart shared by Van Straten, which shows how this most recent cycle has stacked against the last two so far:
It appears that the recent price trend of this asset closely resembles its behavior during the same stage of the previous two cycles, as indicated by the analyst. If this similarity persists, it’s plausible that the coin’s path in the current cycle might follow suit with those from the last two.
According to Van Straten’s analysis, both cycles ended in September with an increase. Moreover, this is where the previous surges began and eventually led to the peak of the bull runs. Therefore, there’s a possibility that Bitcoin could also experience a surge if the current cycle continues to mirror the last two.
According to this analyst’s explanation, if Bitcoin (BTC) follows its past patterns and ends this year within the range of its previous price cycles, we could potentially see prices between $108,000 and $155,000 by the end of the year.
If Bitcoin’s current price rises to the bottom of its projected range ($108,000), it would represent a approximately 70% increase. On the other hand, if it reaches the top of the range ($155,000), it would indicate growth over 144%.
In terms of Bitcoin’s patterns tied to historical data, it’s not mandatory for it to surge within this range to close the year. However, if we avoid a economic downturn, such an occurrence remains plausible, according to the analyst.
In related updates, the market analysis platform IntoTheBlock has noted that the supply of Tether’s stablecoin, USDT, has hit a record high in recent times.
Observing the chart before me, it’s clear that the market capitalization of USDT, Tether’s token, has experienced significant surge lately. Currently, with a value close to $120 billion, USDT is significantly outpacing its stablecoin counterparts.
The inflows into the stablecoin can actually be relevant to Bitcoin, as capital from USDT generally tends to find its way into the original cryptocurrency. Thus, the growth to a new record suggests the investors potentially have more dry powder available to buy BTC with than ever before.
BTC Price
The price of Bitcoin hasn’t shown much new movement following its recent increase, since it continues to be traded at approximately $63,600.
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2024-09-23 15:40