Bitcoin price expected to surge to $140,000

Bitcoin prices may be on the verge of a significant upward move if historical market cycles repeat. Observing past cycles offers insight into the possible trajectory of BTC prices following the breaching of previous all-time highs.

In the 2013 cycle, Bitcoin peaked around $1,130, a level it did not surpass again until March 2017. Remarkably, in the three months following this breach, Bitcoin prices doubled. Similarly, after the 2017 all-time high of $20,000 was exceeded in December 2020, Bitcoin prices doubled within just one month.

Bitcoin’s 2021 all-time high of $69,000 was recently topped in March 2024. If historical patterns hold, Bitcoin prices could potentially double to approximately $140,000 within the next few months.

A post by “Alpha Analysis” on 23 May on X highlighted this potential pattern, noting that in both 2014 and 2017, there were multi-week corrections following new price peaks before subsequent parabolic increases. The current Bitcoin market appears to be following a similar pattern. After correcting by 23 percent by 2 May , Bitcoin has since recovered and remained largely range-bound since breaking the 2021 all-time high on 12 March.

Renowned analyst Will Woo supported this outlook in a 22 May post on X. He observed that while many were concerned about Bitcoin’s stagnant price over the past two months, available BTC was quietly being accumulated. Woo emphasized, “Last time I’ll say it… It’s only a matter of time before BTC squeezes past all-time highs.”

Glassnode analyst James Check also commented on the current market phase, suggesting that the market is still far from the euphoric phase of this bull cycle. Check noted, “We’re on the boundary between enthusiasm and excitement, but not yet euphoric.”

Crypto market outlook

As of now, Bitcoin is trading near its November 2021 all-time high, which is establishing a solid support base. The asset dipped by 0.5 percent on the day, trading at $69,500 during Thursday morning’s Asian session. Should Bitcoin’s price fall, it could find support at $67,000, while a move upward would face resistance at $71,000.

Meanwhile, Ethereum has managed to hold onto recent gains, with the crypto community eagerly awaiting the U.S. Securities and Exchange Commission’s decision on the approval of the first spot ETH ETF. Ethereum was trading at $3,776 at the time of writing.

Altcoins, however, have not kept pace with BTC or ETH during the recent rally, remaining either flat or experiencing marginal declines.

Overall, the potential for Bitcoin to surge to $140,000 within the next few months remains strong if historical trends are any indication. The market’s current behaviour mirrors past cycles, suggesting significant gains could be ahead.