In line with the sentiment on the general cryptocurrency market, Bitcoin (BTC) has been seen slowly consolidating from its bullish movements that started at the turn of the year, but some signs indicate the possibility of a parabolic rally in the future.
As it happens, Bitcoin has recently started a new geometric cycle, which suggests that there is a chance its price could soar to as high as $150,000, according to the detailed examination of its current activities by the cryptocurrency analytics team TradingShot using the finance tracking website TradingView published on January 31.
What does this mean?
As they explained, Bitcoin has been seen “aggressively rebounding,” after the logarithmic moving average convergence divergence (LMACD) on the one-week time-frame hit and bounced on its historic support that formed the 2015 and 2018 cycle bottoms, suggesting a new bull cycle has started.
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Illustrated by the geometric shapes from bottom to top and accompanied by the indicators, including the Ichimoku Cloud and Fibonacci moving averages (MA), the resulting pattern appears for the possible Bitcoin movements from Tuesday, January 31 onward.
As the analysts explained:
“First, consider that the next cycle bottom could be around October 2026 if the (approximately) 1,430-day (205-week) time range holds. The next (and final, according to this model) bullish confirmation of the new cycle is the price entering the (red) Ichimoku Cloud.”
Six-figure predictions align
According to the team, “when this happened in June 2012, October 2015, and May 2019, the bull cycle never looked back (an obvious exception, of course, is the March 2020 crash due to COVID).” Furthermore, a break above multiple three of the Fib MAs will most likely kickstart the parabolic rally (but most likely, this will be after halving 4), as it has done during all previous bull cycles.”
Taking into account the plotting of the past cycles, this geometric adjustment places them “fairly easily” within the projected current one, and the experts add that “we should see the next cycle top around August 2025.”
Interestingly, the above analysis goes in hand with the predictions of Bloomberg’s senior commodity expert Mike McGlone, who earlier said on January 30 that Bitcoin could hit $100,000 sometime around the next halving or by 2025, as Finbold reported.
Bitcoin price analysis
As things stand, the flagship decentralized finance (DeFi) asset is currently changing hands at the price of $23,068, which represents a decrease of 0.11% in the last 24 hours but nonetheless an increase of 0.36%, and a more significant 39.46% gain over the previous month.
It is also important to note that the maiden crypto has been profitable for its holders almost 90% of the time in its traded history, as it recorded close to 4,000 profitable days in nearly 12 and a half years, thanks to the aggressive adoption of Bitcoin.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
