Opinion: BTC may reach $200,000 in December

Author: Blockchain Knight

A Crypto asset analyst on It has been rising for several months and could peak around $150,000 in the next 9 to 12 months.

This bullish prediction depends on BTC’s historical performance after breaking through all-time highs, especially in 2017 and 2022.

Since October 2023, BTC has been trending higher, soaring from below $25,000 to over $40,000.

In the first two weeks of March, the price of BTC exceeded US$70,000, hitting a record high of approximately US$72,800.

However, this trend is not slowing down. Looking at the recent price action, BTC broke through $73,000 on March 12 and then continued this rise on March 13.

Technical analysts said that after rising on March 12, BTC is about to enter unknown territory and price discovery stage, thus ushering in a strong rise.

Although BTC prices have been fluctuating within a narrow range after sharp gains in Asian and European markets, the upward trend still exists and there is still a chance for a bull market .

To solidify this bullish outlook, the analyst also pointed to historical cycles, specifically 2017 and 2021.

In both of these price swings, BTC saw significant gains after breaking through all-time highs.

However, even when a breakout occurs, the rally peaks after 9 to 12 months.

The analyst pointed out that BTC soared by 1,300% in 2017, reaching a peak 9 months later, once reaching a record high of about $20,000.

Similarly, in 2021, BTC climbed 250% 12 months after breaking through the 2017-2018 high of $20,000 before peaking. By November 2021, BTC had rebounded to $70,000.

By comparing the current cycle with past cycles, the analyst believes that after the price fluctuates by more than $70,000 in early March 2024, The peak may be reached within the next 9 to 12 months.

It is worth noting that even taking a conservative approach and excluding bullish sentiment, BTC will rise to $150,000, an increase of 120%.

In the meantime, assuming buyer enthusiasm remains high and institutions don't slow down their current buying pace, the asset could fetch at least $70,000 A 200% increase, bringing its price to over $200,000.

However, only time will tell where BTC will reach in the coming months.

Currently, the majority of the Crypto asset community expects BTC to soar in the coming days driven by institutional demand.

In addition, people are more confident about the upcoming halving event, where the network will cut rewards in half.

Analysts expect this will create a scarcity crisis that could support prices.