Could Bitcoin Hit $155,000 by Year-End? Here’s What Analysts Are Saying

An analyst has outlined potential scenarios for Bitcoin's price, projecting it could close 2024 within the range of $108,000 to $155,000 if historical trends continue.

James Van Straten focuses on Bitcoin’s performance during previous market cycles, particularly looking at the recovery since the lows following the FTX collapse in late 2022.

He presented a chart demonstrating how Bitcoin’s current price movements closely resemble those from earlier cycles at similar stages. Van Straten emphasized that the consistency of price action from the cycle’s bottom is a strong indicator, suggesting the current trajectory could mirror the last two cycles.

He pointed out that both previous cycles experienced significant gains through September, leading to extended rallies that culminated in market peaks. This trend indicates that Bitcoin may be positioned for a substantial rise if it continues to reflect past behavior.

Van Straten noted that Bitcoin is already up about 300% from its recent low, and if it follows the historical pattern, prices could indeed align with the previously mentioned range.

Out of all the graphs, TA etc, #Bitcoin from the cycle low continues to be the most valid. The most interesting part is all 3 cycles they all finished September HIGHER.

Currently up around 300% from the low.

If BTC were to finish EOY between the two previous cycles, which it… pic.twitter.com/Q4ek32Q4fs

— James Van Straten (@btcjvs) September 22, 2024

However, he also warned that while these historical patterns are insightful, they do not guarantee future outcomes. He concluded that if the economy avoids a recession, such price levels could be achievable.