Bitcoin (BTC) recently faced resistance at $70,000, but there is growing market expectation that the cryptocurrency will maintain its bullish momentum and target a record high.
It is noteworthy that the analyst, known under the pseudonym Lizards Stockmoney noted that recent Bitcoin market activity suggests that the post-halving correction is nearing completion.
Analysts believe that as the end of August approaches, the cryptocurrency market should see another round of growth in Bitcoin in the second half of September or October, which will lead to a significant increase in prices. The price is predicted to be between $100,000 and $110,000 by the end of the year.
Parallels to 2020: 2024 rally plan
Stockmoney’ Lizards The analysis draws striking parallels between Bitcoin’s current price action in 2024 and its performance in 2020. Both periods have seen significant parabolic runs, followed by mid-cycle corrections, and then a resumption of the upward trajectory.
In the first parabolic phase of 2020, Bitcoin rose from around $3,800 in March to over $10,000 by June, setting the stage for a further rally after the COVID correction.
Similarly, in 2024, the first parabolic phase occurred early in the year, causing the price to rise from below $20,000 to nearly $70,000 by the summer, followed by a significant correction dubbed Black Monday.
The mid-cycle correction in 2020, known as the “COVID Crash,” was a brief but sharp pullback that tested key support levels before Bitcoin resumed its bullish trend. The 2024 Black Monday correction mirrors this pattern, albeit at a higher price point, with Bitcoin’s price falling back to the $25,000 to $30,000 range.
Following a mid-cycle correction in 2020, Bitcoin entered a second parabolic phase, rising sharply to its all-time high of around $42,000 by early 2021.
Analysts suggest a similar pattern is expected in 2024, with the second parabolic phase expected to begin in late September or early October, which could push the price up to the $100,000 to $110,000 range by the end of the year.
Key Indicators and Market Sentiment
The consistency of historical trends with current market dynamics convincingly confirms the optimistic forecasts for Bitcoin in the coming months.
Key indicators such as the resumption of upward momentum following the post-halving correction, coupled with rising institutional interest and adoption, support the likelihood of a significant rally by year-end.
The current correction phase has tested important support levels, especially around $25,000, which have held strong, indicating strong buying interest. Market watchers speculate that a break above $70,000 could trigger another parabolic move, potentially pushing Bitcoin toward the $100,000-$110,000 range by year-end.
This optimistic outlook is further supported by a combination of macroeconomic factors, including inflation concerns, weakening fiat currencies, and growing acceptance of Bitcoin as a digital store of value.
Geopolitical tensions and Federal Reserve decisions also play a role. The psychological impact of approaching six figures could further fuel speculative interest and push the price higher.
Bitcoin Price Analysis and Future Prospects
With Bitcoin recently rising to $64,234, up 5.1% in the last 24 hours and 8.3% in the last week, the market is closely watching to see if Bitcoin can break out and begin the next phase of its bull run.
As September approaches and October arrives, the focus will be on Bitcoin’s ability to continue its recovery and break through the $70,000 resistance level.
If historical patterns hold, Bitcoin could be on the verge of a major rally, potentially marking a new chapter in its price history. A move to $100,000–$110,000 by the end of 2024 would confirm Bitcoin’s status as a key asset in the global financial landscape.
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