Bitcoin Price hits $71,000, Will It Keep Rising?

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As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of bull runs and bear markets. The current trajectory of Bitcoin (BTC) is reminiscent of the dot-com boom in 1999, where the market was brimming with optimism and potential, only to be followed by a sharp correction. However, unlike that period, I believe BTC has the fundamentals to sustain its growth, and we are witnessing a full-fledged bull run right now.

After plummeting below $65,000 last week, Bitcoin (BTC) has demonstrated remarkable strength in bouncing back. This downturn appears to have drawn significant buyers, causing a swift and powerful rebound. As the important $70k barrier has been breached, investors are left pondering what lies ahead for the Bitcoin price?

Bitcoin Price Hits $70K, What’s Next For BTC?

As Bitcoin’s price nears its record high of $73,777 by only 5%, it appears that the bull market is once again gaining momentum. If the price surpasses this all-time high (ATH), it could lead to a surge of altcoins and draw significant investment back into the cryptocurrency sector. Despite some investors anticipating 2025 as an opportune year for Bitcoin, they remain cautious about fully committing due to uncertainty surrounding the US presidential election results on November 5th and its potential impact on cryptocurrencies in the short-term.

To address your query – “What’s next for BTC?” – it can be put more casually as follows: The future of Bitcoin looks promising; we’re likely heading towards another strong bull market!

Over the last eight months, the $70,000 psychological barrier has significantly impeded Bitcoin’s price from rising further. However, if Bitcoin can maintain a stable position above this significant threshold, it is highly probable that it will pick up where its bullish trend started in 2023.

Predicting Next Bitcoin Price Tops Using Mars-Vesta Cycle

The Mars-Vesta Cycle theory proposes that financial market cycles are influenced by celestial alignments. This theory indicates that Bitcoin’s price fluctuations adhere to a recurring 3.84-3.90 year pattern, close to BTC’s popular four-year cycle.

Here are some key findings from a previous CoinGape article that outlines Bitcoin price prediction.

  • This theory pinpoints the  exact duration of Bitcoin’s cycle that is 3.9 years. It also allows to market critical milestones in Bitcoin’s market journey.

  • Conjunctions between Mars and Vesta can provide precise predictions about record-breaking market peaks and troughs, offering invaluable knowledge for investors.

  • According to this research, it’s projected that the price of Bitcoin might reach its highest point during the current cycle on October 6, 2025.

  • And the next cycle’s low could form on November 2, 2026, signaling a pivot for the next cycle.

Although the Mars-Vesta Cycle successfully identifies peak and trough dates, it doesn’t offer specific price points. To find those, we can turn to seasoned experts within the industry for their insights.

Industry Veterans Predict How High BTC Price Can Reach

Peter Brandt, an experienced figure in the industry, has frequently predicted a six-figure price for Bitcoin. In his latest post on September 10th, he noted that a potential breakout from the current consolidation could drive Bitcoin’s value up to approximately $150,000.

According to Brandt’s latest analysis, these projected Bitcoin prices might not materialize immediately but suggest two potential price levels. The first one, approximately $94,000, is calculated based on the triangle pattern of BTC on a semi-logarithmic scale. The second target, significantly higher at around $220,000, is estimated by extrapolating the low point in November 2022 to the high point in March 2024 and then projecting that upward from the August 2024 low, as demonstrated on a logarithmic scale as well.

As Bitcoin’s recent test at $71k sparks optimism in the crypto market, some investors may grow increasingly bullish. However, it is crucial to prioritize risk management, as the approaching end of the U.S. presidential elections might lead to significant market volatility, causing potentially harmful whipsaws and massive sell-offs.

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2024-10-29 16:09