Bitcoin Analysts Predict 80% Gain to $200,000 by Year End

Crypto researcher Julien Bittel has revealed that the Bitcoin cycle top has yet to occur, suggesting a bullish outlook for the flagship cryptocurrency. According to Bittel, Bitcoin is poised to enter its most parabolic phase, aiming for new highs. He referenced the ‘GMI Bitcoin Cycle Top Finder’ indicator, which has accurately identified four top signals in Bitcoin’s history. However, the current indicator shows that Bitcoin is far from reaching a cycle top, implying significant upside potential for the cryptocurrency.

Bittel’s analysis was supported by a chart that indicated Bitcoin still has a considerable way to go before reaching a cycle top. This suggests that Bitcoin has ample room to surpass its current all-time high of $111,900. Bittel’s post was a response to crypto analyst TechDev, who also confirmed that the cycle is not over. TechDev noted that a launch signal, rather than a top signal, has appeared for Bitcoin. Historically, these launch signals have preceded parabolic runs for the cryptocurrency, hinting at a potential massive rally ahead.

Crypto analyst Rekt Capital also concurred that the Bitcoin cycle top has not yet been reached. However, he cautioned that another bear market is inevitable at some point. He emphasized that despite Bitcoin’s mainstream acceptance and maturity, a bear market will likely follow the current bull market. This perspective underscores the cyclical nature of Bitcoin’s price movements and the importance of being prepared for potential downturns.

Asset manager Bitwise has maintained its prediction that the Bitcoin price can reach $200,000 by the end of the year. According to Bitwise, the institutional demand for Bitcoin is too substantial to keep prices flat for an extended period. This demand is driven by Bitcoin ETFs, which continue to see massive inflows, and several companies adopting strategies to create a Bitcoin treasury. Additionally, the potential early exit of Powell and the passing of the stablecoin bill are cited as factors that could catalyze a rally to the $200,000 target.

At the time of writing, the Bitcoin price is trading around $108,265, reflecting a slight decline in the last 24 hours. This price movement aligns with the overall bullish sentiment expressed by analysts, who believe that Bitcoin still has significant upside potential before reaching a cycle top. The current price level suggests that Bitcoin is in a strong position to continue its upward trajectory, supported by institutional demand and favorable market conditions.