Will History Repeat Itself? Bitcoin Gets $156,000 Price Tag If This Happens

Source Bitcoinist
May 30, 2024 18:00

Crypto analyst Cryptorphic has predicted that Bitcoin could rise as high as $156,000 in this market cycle. The analyst alluded to historical trends to prove why the flagship crypto could easily attain such a price target.

Bitcoin To Hit $156,000 By May 2025

Cryptorphic mentioned in an X (formerly Twitter) post that “Bitcoin could hit $156,000 by May 27, 2025!.” To back up his prediction, he highlighted the flagship crypto’s price action after previous halvings and noted that there has never been a “red year” after these historical events. Instead, BTC is known to have made significant price increases a year after each halving. 

Bitcoin is said to have recorded an 8,296% price gain a year after the first halving in 2012, a 288% price gain a year after the second halving in 2016, and a 536% price gain a year after the third halving in 2020. In line with this, Cryptorphic predicts that BTC will experience a 127% price gain this time around, rising from $65,415 (its price during the 2024 halving) to as high as $156,000 next year. 

Bitcoin 1

Cryptorphic’s prediction aligns with other price predictions that different crypto analysts have made. This includes Skybridge Capital CEO Anthony Scaramucci’s prediction that BTC will rise to as high as $170,000 18 months after the halving event. More recently, crypto analyst Mikybull Crypto mentioned between $138,000 and $150,000 as “optimal targets for Bitcoin in this bull run.”

Meanwhile, Bitcoin could even rise higher than Cryptorphic’s price target of $156,000 since May 2025 is unlikely to be when Bitcoin’s price will peak in this bull run. Crypto analyst Rekt Capital mentioned that Bitcoin will peak sometime in September or October next year if it can consolidate for much longer now and resynchronize with past halving cycles. 

Pseudonymous crypto analyst PlanB has predicted that $1 million could be the top for BTC in this market cycle. He made this prediction while revealing that $500,000 is the average price level for BTC in this bull run based on the Bitcoin stock-to-flow (STF) indicator. 

Bitcoin Could Be Headed For $81,000 In The Meantime

Cryptorphic has predicted that Bitcoin could rise to $81,000 soon enough. He mentioned that the flagship crypto recently broke out of a symmetrical triangle, which indicates a potential upward momentum. According to him, a break above $73,000 could mean further gains for BTC as it moves towards $81,000. 

Meanwhile, he also laid a bearish narrative for BTC, stating that a price breakdown below $66,400 could cause the crypto token to retest the $62,433 level. 

Bitcoin 2

At the time of writing, Bitcoin is trading at around $67,700, down over 1% in the last 24 hours, according to data from CoinMarketCap.

Bitcoin price chart from Tradingview.com
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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