Bitcoin Charts a Course for New Highs: Mid-November Peak Predicted
Bitcoin (BTC) is shaking off recent corrections, consolidating its position above the crucial $120,000 support level, igniting fresh speculation among analysts. Market experts are forecasting an imminent "price discovery rally," with some pinpointing a mid-November peak for the flagship cryptocurrency.
Bitcoin's Resilient Recovery and Key Levels
The past week saw Bitcoin demonstrate notable strength, surging nearly 3% on Friday to touch a two-month high of $123,894. This impressive move represents a 14% recovery from recent lows, solidifying BTC's upward momentum. Earlier in the week, Bitcoin successfully reclaimed the $115,000-$117,000 range, a historical support zone from the Q3 rally, before breaching the psychological $120,000 barrier. According to analyst Rekt Capital, a sustained daily close above $120,000 is critical, as it would negate the need to retest the $117,000 level and historically sets the stage for a push towards the $123,000 resistance, mirroring a pattern seen leading up to the mid-August all-time high of $124,474. Fellow market observer Ted Pillows concurs, stating that holding the $120,000-$121,000 zone could swiftly propel BTC to new highs. Furthermore, historical data since 2016 suggests Bitcoin typically bottoms out in September, implying that a major short-term correction below $107,000 is unlikely, strengthening the case for an impending rally.
Forecasting the Cycle's Zenith
While immediate recovery is underway, the focus is also shifting to Bitcoin's long-term cycle peak. Rekt Capital has outlined a potential timeline for BTC's cycle top, drawing comparisons with previous post-halving performances. Historically, Bitcoin peaked approximately 520 days after the 2016 halving and around 550 days after the 2020 event. The analyst dismisses a repeat of the 2017 timeline, which would have implied an August/September peak, suggesting that the August ATH was not the cycle top. Instead, a more plausible scenario involves Bitcoin mimicking its 2021 price action, pushing the cycle peak into the next two weeks. A third, extended scenario posits that the cycle could lengthen by about 30 days, placing the peak around the 580-day mark post-halving, ultimately pointing to a mid-November top. Regardless of the exact timing, analysts largely agree that any significant extension beyond two months for the current cycle's peak is improbable, positioning Bitcoin for a potentially explosive end to the year.
