Bitcoin’s Final Push: Will $220K Mark the End of the Cycle?

Bitcoin has seen an impressive 56.52% surge since its significant rally began in early November, reaching highs above $108,000.

Despite a slight dip to around $105,000 at the time of writing, the cryptocurrency remains up by more than 50% during this period.

With Bitcoin’s steady growth over the past year, questions are arising about whether this momentum will continue or if a downturn, resembling another “crypto winter,” is on the horizon. To forecast Bitcoin’s peak in this cycle, investors and analysts have been turning to historical data, and on December 18, prominent on-chain analyst Ali Martinez shared his insights.

Martinez superimposed Bitcoin’s past bull market gains, specifically from 2017 and 2020, and based on his analysis, he predicts that Bitcoin will continue to climb without major setbacks until it reaches around $110,000. This estimation seems plausible as Bitcoin has recently broken its usual pattern of price drops following Sunday rallies. Moreover, despite some market reactions to MicroStrategy’s Bitcoin purchases, these have not caused significant declines, indicating that investors are becoming accustomed to such news.

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However, Martinez anticipates a major pullback once Bitcoin hits $125,000, followed by a sharper drop if it reaches $150,000 before the rally continues. He also suggests that regardless of whether this cycle mirrors 2017 or 2020, Bitcoin’s peak will not exceed $220,000 before another bear market arrives.

While Bitcoin’s upward trajectory has been undeniable, with a 150% increase over the last year, some experts caution that the gains from previous bull runs have been shrinking as the price rises, making these more ambitious price targets uncertain.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.