While Bitcoin is struggling to hold on to the $60,000 mark, market analyst Aurelien Ohayon recently said that its most powerful rally has only just begun.
Ohayon’s recent attention to an interesting pattern Long-Term Bitcoin Price Movements. At the same time, he suggested that The most powerful phase of the current rally is just beginning.
Historical model
It is noteworthy that the accompanying diagram traces Bitcoin’s all-time highs and lows over the past three market cycles. Each cycle is characterized by a steep rally to a new all-time high, followed by a significant decline and a period of consolidation before the price surges again.
This pattern was evident from Bitcoin’s first major chart peak in November 2013, when the price soared to $1,163. After reaching that peak, Bitcoin underwent a steep correction, eventually bottoming out at $152 in January 2015.
From this low, Bitcoin began to rise rapidly, reaching a second peak of $19,666 in December 2017. The subsequent fall was equally sharp, with the price reaching a low of $3,122 in December 2018.
After this bottom, Bitcoin The third peak of $69,000 was reached in November 2021. Meanwhile, after the high in November 2021, Bitcoin entered a prolonged decline, reaching a low of $15,479 in November 2022. This formed the third significant bottom on the chart.
Bitcoin in the current cycle
However, unlike previous cycles, Bitcoin’s latest recovery has seen it reach new historical maximum more than $73,000 by March 2024. This maximum was reached earlier than market analysts predicted.
Notably, Bitcoin never reached a new all-time high before the halving event during previous cycles. However, the all-time high of March 2024 was reached a month later. to the last halving event in April. Some attribute this to the arrival of institutional investors through spot Bitcoin ETFlaunched in February.
Despite this impressive growth, Ohayon suggests that Bitcoin has not yet reached its peak in this cycle. The chart shows that the most powerful phase of the bull run is still ahead, with the potential to push the price of Bitcoin to a staggering $250,000.
The analyst based his forecast on the assumption that Bitcoin would follow a trajectory similar to previous cycles, with the final stage of the bull run characterized by exponential growth. Market veteran Brandt previously stated that $73K was the high for this cycle. However, he recently revised his analysis, projection another jump to $92 thousand.
Bitcoin’s monthly Bollinger Bands also confirm that a top for this cycle may still be in the works. Notably, in previous cycles, the Bollinger Bands have tightened during consolidation and expanded whenever a cycle top was reached. With BTC trading at $59,107, the bands remain tightened at press time.
