cryptonewsland.com
- Bitcoin price dips below $58,000 does not deter analysts’ expectations for bull run.
- Analysts debate over when the bull run will begin and how high BTC price will go.
- One analyst expects BTC to reach $107,558 by December 2024 and January 2025.
Despite the price of Bitcoin (BTC) sinking below the $58,000 price mark, sentiments for a bullish parabolic pump for Bitcoin to pump to new ATHs remain strong. Many analysts are sharing their expectations for an impressive pump for Bitcoin in to coming months of 2024, a pump that could kick off in Uptober.
Bitcoin Analysts Debate Over Next BTC ATH
Some analysts expect Bitcoin to hit a first ATH target in the $80,000 price range. In particular, Doctor Profit, an analyst known for his accurate predictions expects Bitcoin to set a new ATH in the $87,000 to $88,000 price range. He later expects two more major price targets for Bitcoin which will take its ATHs to $111,000 and $220,000.
Similarly, another analyst believes Bitcoin can hit an ATH of $116,000 and higher in the thick of the coming bull run phase. Adding to the bullish chapter today is another crypto and Bitcoin analyst who highlights Bitcoin’s possible next movement after about 6 months of sideways price action.
After 6 months of sideways price action, it's hard to imagine #Bitcoin just going up let alone surpassing 100k.
— CryptoCon (@CryptoCon_) September 12, 2024
But following previous cycles, that might be just what we can expect later this year.
The mid-top in 2024 was a far reach, being that price needed to make new all… pic.twitter.com/pRvMtyHWYL
As we can see from the post above, this analyst sympathises with the FUD sentiment where traders find it hard to believe Bitcoin pumping or even surpassing the $100,000 price mark. He then explains how this is a common pattern in comparison to previous cycles this move could likely happen in the following months.
BTC Price Could Hit $107,558 Sooner Than Expected
He then explains how, the mid-top in 2024 was a far reach since BTC price needed to make new ATHs a year earlier than cycles anticipated, which it did. Thus, the price now is bouncing a second time from the Weekly Gaussian Support which is retested after every mid-top.
Adding on, he says that Bitcoin has been very consistent with the green 350 DMA*2 for the second time in a cycle, December – January of Red Year. This puts the Moving average at $107,558. He then concludes, using the Pi Cycle Top 350 DMA*2, that $107,558 or higher by December 2024 – January 2025 is very likely for Bitcoin.