Forecast Signals Bitcoin Could Reach $225k Value in Near Future

Following the Trend: Mathematics Behind Tripling Bitcoin Value Based on Previous Cycle Gains

Forecast Signals Bitcoin Could Reach $225k Value in Near Future

Key Points

Bitcoin [BTC] reached a new all-time high at $76.4k on the 6th of November, following the U.S. elections where Donald Trump was declared the winner.

His pro-crypto stance and promises could potentially benefit Bitcoin and the rest of the cryptocurrency market.

Bitcoin Price Prediction: A Repeat of 2020?

2020 was a significant year for Bitcoin, marked by a BTC halving and a U.S. presidential election.

Bitcoin’s trend was bullish in November 2020, and once the election results were announced, the market quickly began to surge.

A similar scenario could occur in the coming weeks.

However, predicting long-term Bitcoin trends is challenging as each cycle has seen lesser gains over a longer period than the previous one.

On-chain metrics suggest that Bitcoin is still in the early stages of its bull run and is not close to a peak yet.

Using Past Trends to Predict Future Performance

In 2017, Bitcoin gained significant attention by rallying 600% in three months after being assumed dead just a year earlier.

Most of these gains were retraced by 2019 before the next bull run began in 2020.

The 2017 run’s 227% extension was $58.4k, close to Bitcoin’s weekly session closes in early 2021.

Therefore, a bold prediction for Bitcoin’s price is that it will reach at least $225k this cycle, with an all-time high 10-15% higher.

However, many renowned analysts and market participants, including Ki Young Ju, believe that prices beyond $100k would be difficult to achieve.

It’s important to note that this information does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

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