This is the question that I will answer for your today.
Can Bitcoin hit $110,000 to $120,000 in the next 6-9 months?
It is a fair question, many people are bound to ask if prices can recover higher now that a strong correction has taken place...
Please allow me to entertain you for a few minutes!
Bitcoin peaked April 2021
The bullish wave that took place from July to November 2021 was the famous "dead cat-bounce".
The drop from $64/69K to 17.5K is not only a correction but a bear market.
For BTCUSD to grow straight up to new highs, 100K and beyond, we would need to be just in a correction and not a bear market.
Since we are in a bear market, this price bounce that we are seeing now cannot go straight to 100K and beyond, instead, support levels turned resistance will be tested one by one.
Levels such as $30,000, $34,000 and $37,000 needs to be challenged first. $40,000 and $50,000 for sure as well as the ATH.
We are likely to see very strong price swings in the months to come.
We will also experience a prolonged consolidation phase, boring market, after the next low.
The Bitcoin Halving ~March 2024
We say Bitcoin can go beyond $100,000USD only after 2024, around mid- to late 2025.
The next halving event for Bitcoin is happening around March 2024 (projected date).
This is a cyclical event and Bitcoin cannot have two bull-runs within the same halving cycle.
Bitcoin will now bounce, then move probably to a lower low or just pretty near the recent June low and then start a long consolidation phase...
Only after the Halving, which happens around March 2024, we can see a new phase of sustained long-term growth.
Try to avoid being distracted by these types of articles as this can mess up your trading.
If you think Bitcoin will go higher than where it can go, you might miss the selling opportunity coming next month.
Summary
Bear markets do not lead to new ATHs.
Before the next bullish cycle a consolidation phase is due.
The Bitcoin Halving determines the cycle.
Answer
Nope. Bitcoin cannot hit $110-120K within 6-9 months.
It will take around 2.5-3 years... Based on my calculations and experience of course, I can be wrong.
Your turn now
What's your idea?
How long will it take before Bitcoin goes to 100K and beyond?
Your analysis is really good and I truly enjoyed it.
See you around.
Namaste.
crystal15
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I agree. I like the new profile pic. U really from Dubai? That city seems super cool and the buildings I heard are awesome architecture
AlanSantana
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@crystal15, Just visiting for a while... Business.
luckyFerret8801
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By that time many exchanges will go bankrupt
AlanSantana
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@luckyFerret8801, If they are not taking care of their business they will surely go bankrupt, but that doesn't affect the market.
There are hundreds of exchanges and new ones coming online all of the time.
Pumping-Warrior
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BTC will see never again a new ATH. Even not the old ATH BTC will become a bad dream of the financel history ond will gone for ever. Something new something way better ist on the way
lengthening cycle theory still in play till next halving. Classical sharp blow off top still not seen. Maybe sell when it pumps on key resistances and maybe buy back if it breaks 50k, as it has no business there and high probability the cycle is not over. But you better be quick if that happens because bitcoin prices moves fast when it pumps, it can do multiple high percentage increases in a matter of weeks and the most gains are made in the final days, in a sharp blow off top. Also almost everybody expecting a 2024-2025 bull run, when everybody expects it then it won't happen. Or maybe we can also have a bear market till 2030s...
Good read though! I'm not sure the halvings are important as they once were. The stock to flow ratio seems to have failed flat on its face.
My own reasons for this target being achieved are much less to do with Bitcoin and everything to do with what is about to happen to the dollar.