After struggling to sustain its price above $60,000, Bitcoin (BTC) now appears poised for a potential surge to new highs, according to a cryptocurrency analyst.
Following a period of price consolidation, which aligns with typical post-halving behavior, analysts are predicting that Bitcoin could be on the brink of a major rally.
In this context, crypto analyst TradingShot, in a TradingView post, drew parallels between historical patterns and current technical indicators, projecting that Bitcoin could reach $200,000 by late 2025 or early 2026.
Bitcoin price analysis chart. Source: TradingView
Historically, the Cyclical Pivot trendline has been a reliable indicator of major resistance and support levels, providing a strong basis for this projection.
Bear to Bear phase: The transition to a bull market
An essential aspect of Bitcoin’s cyclical nature is the “Bear to Bear” phase, marking the period between two bear market bottoms.
This phase typically lasts from one market cycle’s low to the next significant low before the subsequent halving event. Historically, this phase has been a time of consolidation and accumulation, as seen between the 2014 to 2015 and 2018 bear markets.
Currently, Bitcoin has passed through its latest “Bear to Bear” phase, transitioning into a new bull market. This shift is characterized by significant price increases as Bitcoin moves towards its next cycle top, aligning with the potential surge predicted by analysts.
Technical indicators supporting the bullish outlook
The technical analysis further supports this projection, with key indicators signaling a continuation of the bullish trend.
The one-week Relative Strength Index (RSI) has recently recovered from an overbought correction, a pattern that historically precedes a significant upward movement in Bitcoin’s price.
Another critical support level is the 50-week moving average (MA50), which has consistently underpinned Bitcoin’s price during previous bull cycles.
As long as Bitcoin remains above this moving average, the bullish trend is likely to continue, providing a solid foundation for the price to reach $200,000.
Key levels to watch and Bitcoin price analysis
As Bitcoin aims for its ambitious target of $250,000 to $400,000, several critical levels must be closely monitored. The $60,000 mark is particularly significant, as a decisive move above this level would confirm the start of a new bullish phase.
As of press time, Bitcoin was trading at $59,380, having plunged by almost 1.9% in the last 24 hours. On a weekly timeframe, BTC is down by over 2.5%.
Bitcoin seven-day price chart. Source: Finbold
Overall, based on experts’ analysis, Bitcoin’s chances of claiming a new record high depend on its ability to maintain its price above the $60,000 support level.
Investors and traders should closely monitor this key level and indicators, as they will play a crucial role in Bitcoin’s price trajectory over the next two years.
The next few months will be critical in confirming whether Bitcoin can maintain its momentum and reach this significant price target.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
