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An analyst has explained why bitcoin could end 2024 within the $108,000 to $155,000 range if history repeats itself for the asset.
bitcoin's performance has been similar to the last two cycles so far
In a new x.com/btcjvs/status/1837876978466070691″ target=”_blank” rel=”nofollow”>mail On x, analyst James Van Straten has talked about btc’s price action based on the cyclical lows chart of the past two cycles. As the name suggests, this chart captures the price trend between successive cyclical lows. For the latest cycle, the starting point is naturally the low that was observed shortly after the collapse of the FTX cryptocurrency exchange platform in late 2022.
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Below is the chart shared by Van Straten, showing how this most recent cycle has compared to the last two so far:
As can be seen, the asset’s recent price performance has been remarkably similar to that seen in the last two cycles at the same stage. “From all the charts, technical analysis, etc., bitcoin since the cycle low remains the most valid,” the analyst notes. Given the similarity so far, it is possible that the coin’s trajectory in the current cycle will continue to mimic that of the last two.
Van Straten has pointed out that both cycles ended September on the upside. Not only that, but it is also the point at which both started a long-lasting rise that culminated in the bull cycle highs. Therefore, it is possible that bitcoin could also rise from here, if the current cycle continues to follow the previous two.
“If btc were to end EOY between the previous two cycles, which it has done for most of the current cycle, we would be looking at 108k-155k,” the analyst explains.
From the last bitcoin price, a rise to the lower end of this range, $108,000, would mean an increase of around 70%, while to the upper level of $155,000 would suggest a growth of over 144%.
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However, as is always the case with history-based patterns, btc does not need to show a rally in this range to end the year. Nevertheless, the analyst says that “if we don’t have a recession, this is entirely possible.”
In other news, as noted by market intelligence platform IntoTheBlock in an article published on x x.com/intotheblock/status/1837552638683996328″ target=”_blank” rel=”nofollow”>mailTether’s stablecoin, USDT, has hit a new high in its supply recently.
As shown in the chart above, USDT’s market cap has seen marked growth recently. With the metric value now approaching $120 billion, Tether’s token has left other stablecoins far behind.
Capital inflows into the stablecoin may be relevant for bitcoin, as USDT capital generally tends to find its way into the original cryptocurrency. Therefore, the growth to a new record suggests that investors potentially have more money available to buy btc than ever before.
btc Price
bitcoin has stagnated after its recent recovery as its price is still trading around the $63,600 mark.
Featured image by Dall-E, IntoTheBlock.com, Glassnode.com, chart by TradingView.com
