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Bitcoin (BTC) recently experienced a price rally triggered by false information about ETF approval, pushing the price above $30,000. However, the news was later debunked, leading to a rapid decline. Despite this, investors managed to keep the BTC price consolidated above $28,000. If Bitcoin continues to move in a certain pattern, it could potentially outperform expectations in the next few months and reach higher price levels than anticipated.
Analyst’s Bitcoin Price Prediction
CoinsKid, a cryptocurrency analyst, shared a YouTube video on October 18th, highlighting Bitcoin’s strong performance in September. The analyst indicated a potential price surge in 2024 and stated:
“For me, the peak of a major impulsive move was in April 2021. (…) Since then, we have been in a corrective phase of a larger cycle, and I think this cycle will end roughly next year.”
The analyst also pointed out Bitcoin’s positive outlook in September, which was last seen in 2016, stating that it was the only positive return since the previous cycle’s peak. They added:
“The data currently shows us looking at an explosive peak for Bitcoin next year. (…) This doesn’t surprise me, and many other charts reinforce my long-held theory.”
Bitcoin Price in Dollars
As a reminder, the “peak of a surge” refers to a graph pattern that shows a sharp decrease in price and volume after a sudden increase in volume. Consequently, the cryptocurrency analyst suggests a significant bear market after Bitcoin reaches the predicted $200,000 level and plans to exit at that point.
At the time of writing, Bitcoin was trading at $28,544, indicating a modest daily increase of 0.79% on the charts. Last week, there was a 6.01% rise in BTC price according to the latest data. When examined monthly, this increase signifies a 4.98% rise.
