Bitcoin News
By Evie Vavasseur
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Bitcoin has entered a phase of price consolidation after reaching a new all-time high of $123,000 earlier this year.
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According to well-known trader and crypto analyst Merlijn The Trader, Bitcoin is far from reaching its cycle top.
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Much of the optimism surrounding Bitcoin’s future price action stems from its four-year cycle, which revolves around the halving events that occur approximately every four years.
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In the current cycle, Bitcoin broke records by hitting a new all-time high before the most recent halving — a phenomenon not seen in previous cycles.
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He points out that in past cycles, Bitcoin tends to decline for one year, followed by a three-year uptrend.
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One of the strongest points in Merlijn's analysis is that Bitcoin has yet to reach the typical levels that signal a market top.
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Using this historical multiple as a reference, the current cycle could see Bitcoin approaching or exceeding $200,000 before the market enters a prolonged downturn.
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Merlijn’s chart shows Bitcoin currently positioned in the middle of what he calls the “final box” — a price range that historically precedes the last parabolic push of a bull run.
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Despite Bitcoin’s current sideways movement, there are still reasons to be optimistic about a potential rally in the months ahead.
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Additionally, the macroeconomic environment is becoming increasingly favorable for digital assets.
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Furthermore, the supply side dynamics remain tight. The most recent halving has reduced new supply by 50%, and long-term holders appear to be accumulating rather than selling.
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While the $200,000 price target may sound ambitious, especially with current prices trading near $117,000, the crypto market has a history of surprising investors with its speed…
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However, traders should also be cautious. Historically, after Bitcoin reaches its peak, sharp corrections follow.
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Bitcoin may be in a period of rest, but seasoned market observers like Merlijn The Trader believe the show isn’t over yet.
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For investors and traders, the coming months could be decisive. If Bitcoin breaks out from its current range and begins another rally, it could pave the way to new highs —…
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