Key takeaways:
Analysts believe Bitcoin’s bull market has potential to continue, with projections between $150,000 and $300,000.
For a rally towards $140,000, BTC needs to decisively surpass the $112,000-$114,000 range.
Last week, Bitcoin (BTC) experienced a sudden decline to $108,000, marking a 13% drop from its $124,500 all-time high and raising concerns about a potential peak in its price.
However, some analysts contend that Bitcoin’s bull market has not yet begun, referencing its performance compared to gold.
Bitcoin’s bull market expected to resume in October
According to reports from Cointelegraph, both gold and the US stock markets have reached multiple all-time highs, while Bitcoin remains stagnant as market liquidity keeps bullish investors at bay.
Analysts are not concerned about gold leading the way for Bitcoin, as analyst Milk Road Macro noted,
“Bitcoin tends to follow gold, 3-4 months down the line.”
An analysis revealed that both gold/USD and BTC/USD pairs have developed rising wedge patterns, with gold experiencing an upward breakout in January.
In March, “$BTC started to mirror gold’s ‘rise → pause → last minute spike’ pattern” as shown in the green shade, the analyst stated, adding:
“If the correlation holds, $BTC is now set for a last-minute spike in October/November, breaking out of its rising wedge.”
Milk Road Macro further elaborated that while gold’s breakout resulted in approximately a 10% gain, “Bitcoin has been known to outperform these percentages by 5-10 times.”
This suggests Bitcoin’s potential gains could range from 50% to 100%, translating to $160,000 to $220,000.
Related: A Bitcoin strategic reserve may negatively impact BTC and USD: Crypto executive
According to 50TFunds CEO Dan Tapiero, the “bull market in Bitcoin has yet to begin,” as he mentioned in an X post on Monday.
He noted that the BTC/XAU pair has formed a “massive cup and handle” pattern in the weekly timeframe, which could pave the way for new Bitcoin price discovery in the upcoming weeks.
A breakout above the neckline at 37 XAU could allow the BTC/XAU pair to surge 446% towards the target of the cup and handle pattern at 160 XAU.
This indicates a significant price breakout for Bitcoin in the months to come.
Tapiero’s viewpoint was in response to comments from crypto investor Zynx, who stated that for the BTC/USD pair to match its all-time gold high, it must exceed $150,000.
Historically, “Bitcoin has more than doubled its price in gold, usually even more,” wrote Zynx, adding:
“I would argue that $300K is looking more and more probable.”
In the meantime, CryptoQuant contributor XWIN Research Japan asserts that Bitcoin remains in its bull market based on various on-chain metrics.
Bitcoin needs to maintain $112,000 for a “higher push”
Bitcoin reached an intraday high of $112,293 on Monday, reclaiming the $112,000 benchmark after dropping below it on Thursday. At the time of writing, it was priced at $112,233, reflecting a 2.4% increase over the previous 24 hours, according to Cointelegraph Markets Pro and TradingView.
“$BTC broke out of the downtrend overnight after forcing late shorts,” said AlphaBTC in his latest X analysis.
A related chart showed that Bitcoin bulls are focused on the opening level today at $112,000. Retaining this level would enable the price to target the local high at $114,000, indicative of the strength of the recovery.
“Next, we’re looking at the 114K level, and if it can maintain 112K again for a rally in October.”
The 24-hour Bitcoin liquidation heatmap indicated that BTC may target a substantial block of bid liquidity as it ascends. There are over $612 million in ask orders positioned between $112,350 and $114,000.
A liquidity sweep appears probable in the coming days, and exceeding $114,000 could signify the end of the current correction.
As Cointelegraph detailed, a decisive movement above the $113,000-$114,000 resistance zone could confirm a breakout from a bull flag, facilitating a rally towards $140,000 in the upcoming months.
This article does not constitute investment advice or recommendations. Every investment and trading action carries risk, and readers should conduct their own research before making decisions.
