According to a recent analysis from BiyaPay dated May 13th, the monthly chart for Bitcoin indicates a potential move into a parabolic uptrend. Historical trends suggest that such phases occur towards the end of each Bitcoin cycle, with past cycles exhibiting durations of approximately 1064 and 1148 days from their respective lows to peaks. This cycle is projected to extend until October 2025 before reaching the 1064-day mark, implying potential for further upward momentum.
Technically, Bitcoin has experienced notable price appreciation in April and May, successfully breaking out of a bullish flag pattern. The critical resistance level is marked by the prior high of $109,000. On a broader scale, favorable trade agreements and potential adjustments in Federal Reserve interest rates could enhance market conditions. Successful trade negotiations may boost investor confidence, while a reduction in the federal funds rate could enhance market liquidity, thereby elevating Bitcoin’s valuation.
The analyst projects a price target for Bitcoin of approximately $150,000, estimating it to be tenfold the cycle’s low. However, investors should remain cautious, as Bitcoin price movements can be unpredictable, with the possibility of falling short of surpassing the historical high of $109,000.
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