Analyst: If history repeats itself, Bitcoin is expected to reach its cyclical peak around the time of Trump's inauguration
The latest report from Vetle Lunde, research director at cryptocurrency research company K33, shows that based on the analysis of Bitcoin's past three cycles data, it takes an average of 318 days from the first breakthrough to a new high to the peak of the cycle. If history repeats itself, Bitcoin may reach its peak in this cycle around January 17th, 2025, just before Trump's possible presidential inauguration.
The report predicts that based on historical cycle peak prices calculation, Bitcoin is expected to reach $146k in this round. If calculated by market value it could touch $212.5k. Tyler Richey, a technical analyst at Sevens Report Research said that after breaking through $100k bitcoin trading volume has continued to decline showing weakening bullish belief.
If Bitcoin breaks through resistance between $100-101.5k it is expected to retest the range between $106-108k. If unable to break new highs then $90K will become key support; if new highs are made then next target price will be $118K.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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