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new All-Time Highs (ATHs) and the peak of the long-awaited bull market.
Bitcoin Enters Final Pump Stage
On September 19, ‘Stockmoney Lizards,’ a crypto analyst took to X (formerly Twitter) to Bitcoin’s price movements and its halving events.
The analyst believes the market is currently at the start of the “final pump of the Bitcoin bull cycle.” Based on bull market.
Stockmoney Lizards has unveiled his personal price targets for Bitcoin during this seemingly last pump stage. He forecasts that the crypto could reach a price between $200,000 and $260,000, identifying these targets as the potential cycle top for this market cycle.
Sharing a detailed chart depicting Bitcoin’s historical price movements from 2016 till date, Stockmoney Lizards illuminated the bullish and bearish events following each halving event. He referenced the last three cycle tops during past halving events, identifying a unique trend pattern where the market experiences an extended bull run after the Bitcoin halving, roughly every 48 months.
The analyst observed that this trend pattern is repeating in the Bitcoin’s current price of $63,000, as of writing.
Bitcoin 200-Day SMA To Confirm Bull Market
While some would argue that the Bitcoin bull market has already begun, others believe that it is yet to arrive, potentially ushering in one of the biggest rallies in Bitcoin’s history. According to reports from Ali Martinez, a prominent crypto analyst, the timing for the highly anticipated Bitcoin bull run may soon be confirmed, as Bitcoin is once again testing the 200-day Simple Moving Average (SMA).
Martinez bearish trends observed in 2014, 2018 and 2020, when Bitcoin failed to reach this support.
As a result, the analyst has urged investors and market experts to pay close attention to Bitcoin’s current market trends, warning that a rejection at this point would spell trouble for the cryptocurrency.
Featured image from Pexels, chart from TradingView
