Will Bitcoin Surge by 50% Soon ?
Bitcoin (BTC) recently closed the day down by 1.52%, now trading at $87,583 after a rebound overnight. However, according to influential market analyst Timothy Peterson, the likelihood of BTC reaching new all-time highs in the next 9 months is as high as 75%.
Based on a combination of historical data, on-chain indicators, and strong technical support, Peterson believes that Bitcoin is well positioned for further upside. According to his models, BTC could even see a 50% short-term gain if it manages to stay above key levels.
Very Positive Technical and On-Chain Signals
Peterson points out that the current price of Bitcoin is near the lower bound of its historical valuation band. This gives it a strong likelihood of bouncing back significantly.
“Almost all of Bitcoin’s annual performance occurs in two months: April and October. It is entirely possible for Bitcoin to reach a new all-time high before June,” the expert wrote on X.
On-chain, short-term whales have a realization price of $91,000, which could create a liquidity zone conducive to a sentiment reversal. Moreover, many active addresses have a cost basis between $84,000 and $85,000, a crucial level to defend.
Technically, Bitcoin is consolidating just below the resistance at $88,780, while remaining firmly anchored above the support at $86,460. A decisive break above $88,780 would pave the way for higher targets.
However, the 50-day moving average at $89,500 could push Bitcoin back in the short term, especially as some whales defend this area.
A 130% Increase This Year ?
According to another engineer and expert, BTC could even surge by 130% before the end of the year.
Aspsk32 believes that BTC cycles have typically seen strong movements between July and November. “The last three Bitcoin cycles have experienced positive movements between July and November,” he explains.
It’s now just a matter of time, rather than “if”. Bitcoin is gearing up for strong movements and should end the year much higher than $100,000, at least $125,000 according to Peterson.
In conclusion, with such strong fundamentals, it appears Bitcoin is well positioned to attempt new highs in the coming months.
