In line with the general cryptocurrency market sentiment, Bitcoin (BTC) has been seen to slowly consolidate from the bullish moves that started at the beginning of the year, but some signs point to the possibility of a parabolic rally in the future.
Is Bitcoin starting a new geometric cycle? In which direction?
Coincidentally, Bitcoin recently started a new geometric cycle, which shows that its price has a chance of hitting as high as $150,000, according to a detailed review of its current activities by the cryptocurrency analysis team TradingShot using the finance tracking website. TradingView was published on January 31st.
What does it mean?
As they explain, Bitcoin is “aggressively recovering” after the logarithmic moving average convergence divergence (LMACD) on the one-week timeframe and bounced off its historic support that marked the lows of the 2015 and 2018 cycle. The bull cycle has begun.
The emerging pattern, illustrated by bottom-up geometric shapes and accompanied by indicators including the Ichimoku Cloud and Fibonacci moving averages (MA), is emerging for possible Bitcoin moves from Tuesday, January 31.
Bitcoin price action analysis and forecasts. Source: TradingShot/TradingView
As analysts explain:
“First, consider that if the (approximately) 1,430-day (205-week) timeframe is valid, the next cycle base could be around October 2026. The next (and last according to this pattern) bullish confirmation of the new cycle is the price entering the (red) Ichimoku Cloud.
Six-figure predictions line up
According to the team, “When this happened in June 2012, October 2015 and May 2019, the bull cycle never looked back (the obvious exception, of course, is the COVID crash in March 2020). Also, as with all previous bull cycles, the Fib MA A break above more than three of their ‘s will most likely start the parabolic rally (but most likely this will happen after halving the 4).
This geometric arrangement, which takes into account the plotting of past cycles, places them in the “pretty easy” predicted current cycle, and experts add that “we should see the peak of the next cycle around August 2025.”
Interestingly, the above analysis goes hand in hand with predictions from Mike McGlone, a senior commodities expert at Bloomberg, who previously said Bitcoin could hit $100,000 around the next halving on Jan.
Bitcoin price analysis
Currently, the flagship decentralized finance (DeFi) asset is currently changing hands at a price of $23,068; This translates to a 0.11% drop in the last 24 hours, but still a 0.36% gain and a more significant 39.46% gain than before.
Bitcoin 30 day price chart. Source: Finbold
It is also important to note that the first cryptocurrency was profitable for its holders almost 90% of its time in transaction history, as it has recorded close to 4,000 profitable days in nearly 12 and a half years thanks to the aggressive adoption of Bitcoin.
Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.
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