Analyst Predicts When Bitcoin Will Reach Its Price Peak This Bull Cycle

Following a brief bearish spell mid-last week, Bitcoin has staged a remarkable recovery, rebounding impressively after dipping below $101,000. As the premier asset surges past the $108,000 mark, analysts are turning to historical patterns to predict its next move.

Notably, Benjamin Cowen, a prominent market analyst, tweeted about a major indicator of Bitcoin’s market cycle top on Tuesday, highlighting its correlation with the interaction between the 200-week Simple Moving Average (SMA) and its previous all-time high (ATH).

Bitcoin to Mirror Historical Trend

Cowen’s data shows that historically, the 200-week SMA crossover of the asset’s previous cyclical market top has marked significant turning points for Bitcoin. For context, the moving average tracks the mean closing price of Bitcoin across the last 200 weeks, delivering a dynamic snapshot of its long-term trend.

An accompanying chart shows that the late 2013 peak at $1,242 correlated with the 200-week moving average crossing Bitcoin’s previous all-time high (ATH) from 2011. Similarly, this historical trend repeated itself in the 2017 bull cycle, establishing its consistency and near accuracy.

This occurred again in November 2021, when Bitcoin reached a peak of $69,000 after the 200-week SMA crossed above the 2017 all-time high of $19,800. Meanwhile, according to the chart, Bitcoin’s 200-week moving average currently lags behind the 2021 all-time high, suggesting the crypto firstborn may have more room for further growth.

Cowen shared this sentiment in the tweet, insisting it is something that is worth noting. While he did not mention any peak price expectation, his analysis has boosted confidence among market users that Bitcoin may not be slowing down soon on its ride to uncharted territory.

BTC to Peak at $150k?

Cowen’s insight, shared through the detailed chart, has sparked widespread discussion among investors. Meanwhile, he is not alone in this bullish disposition. Several other analysts have shared similar beliefs about Bitcoin’s price movement.

For one, crypto analyst CryptoMobese predicted a potential climb to $150,000, citing the completion of a developing Elliott Wave price formation. The analyst further highlighted major Bitcoin resistance levels at $113,500 and support levels at $92,500 and $73,800 as crucial. 

The analyst suggests that a break above the $113,500 price mark will project the cryptocurrency to an unprecedented high. At press time, Bitcoin had recorded a 1.8% uptick in the past day, trading at $109,602.