Anonymous cryptocurrency analyst Stockmoney Lizards suggests that Bitcoin (BTC) is exhibiting a similar chart pattern to its behavior prior to the previous halving event, indicating a potential rally in the future.
The notable cryptocurrency analyst Stockmoney Lizards’ identified Bitcoin chart pattern reveals significant similarities to the price movements observed throughout the year preceding the block reward halvings in 2016 and 2020.
According to the chart pattern, the current price trend of Bitcoin suggests that a stronger upward price movement is likely to begin at the end of the period preceding the major block reward halving event expected around May 2024. The analyst believes that this trend could result in Bitcoin reaching a new all-time high (ATH) and potentially surpassing $110,000 by 2025.
The analyst considers this projected target price level, based on the significant price jumps observed in the current prices of the leading cryptocurrency, as a foundation for their prediction.
Interestingly, the analyst’s prediction aligns with Google’s artificial intelligence (AI) tool Bard, cryptocurrency expert PlanB’s Stock-to-Flow (S2F) model, and other sources such as multinational British bank Standard Chartered. These platforms, models, experts, and organizations anticipate Bitcoin to reach a level between $100,000 and $120,000 in 2024.
Overall, the analysis and projections indicate a potential upward trend for BTC, with the possibility of reaching new ATHs and higher price levels in the coming years. However, as with all financial markets, caution is advised, and investment decisions should be made taking into account other factors that could influence Bitcoin’s price movements.