The crypto market started its slow recovery. The market had hoped to see an increase in the month of March. However, several assets have seen a significant decline. Over the last week, Bitcoin (BTC), the world’s biggest cryptocurrency, dropped nearly 7%. In the middle of this turmoil, the King Coin regained the $83,000 level and revived the hope on the market. Will the asset maintain its momentum to reach $150,000 or higher?
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Bitcoin at its All-Time High
Bitcoin kicked off 2025 in a big way. The all-time record for the king’s coin was $109,114.88. BTC is trading at 23.67% less than its peak even though it has only been two month since BTC reached this high. The world’s biggest cryptocurrency, at the time this article was written, traded for $83,216.10. The price has risen by 0.46% in the last 24 hours. BTC hit a low earlier in the day of $79.931.85.
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Can $150,000 be achieved?
A recent analyst revealed that Bitcoin will soon reach a peak of $150,000. A TradingView analyst stated that Bitcoin was beginning to show signs of recovery after it tested the MA50 1 week support earlier in this past week. Although it’s not clear if the recovery will be complete, past patterns indicate that Bitcoin bull cycles peak at the end of third years, so 2025 is expected to bring a full-blown one. The analyst elaborated on this, saying:
“The Channel Up can be classified into two main Phases so far: each has a Primary correction (red) of more than -30% drop, followed by a rally (blue), then a Secondary correction (yellow) of more than -20%, followed by the second and last rally (blue). All rallies have so far been around +100%. Based on this model, we are now on the Secondary correction of Phase 2.“
Previous dips recovered from the Fibonacci level of 0.382 and 1W MA50. Bitcoin’s value has dropped slightly below the 0.382 level, but only marginally. Last week the 1D-RSI was almost at oversold values, a sign of an impending bottom. Fibonacci-based patterns based on historical data suggest that the next rally might begin the week of the 28th April, but the process may still take up to four or six weeks. Bitcoin could reach almost $150,000 in late September if the price gains are 95.95%, according to its bull cycle historical peaks.
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Source: watcher.guru
