Bitcoin expected to hit $150,000 by October: Crypto analyst

An analysis has suggested that Bitcoin may follow the historical pattern of halving cycles and reach a cycle high around October.
The cryptocurrency market is betting that the current bull cycle is nearing its final stage, with some analysts predicting Bitcoin could reach as much as $200,000.
According to cryptocurrency analyst CryptoBullet, Bitcoin tends to peak between approximately 518 and 546 days after each halving.
The most recent halving was on April 15, 2024, and if this pattern continues, there are currently about 77 days left.
CryptoBullet said, "BTC Bull Cycle: 3 Months Left," and "If Historical Patterns Repeat...
Many analysts are also optimistic, predicting that Bitcoin will reach a minimum of $130,000 and a maximum of $150,000 by the end of the year.
The general view is that a price of $200,000 is possible. On-chain data also supports the possibility of further Bitcoin gains in the coming months.
Axel Adler Jr., an analyst at Yahoo! Japan, said the "young coin" trend indicates the activity of investors who have recently purchased.
The index, "coins," accounted for 30% of total market activity.
This is the highest level of overheating seen in March (64%) and December (72%) of 2024.
This figure is much lower than the previous figure, meaning that there is no excessive buying enthusiasm in the current market. This indicator indicates that when the proportion of new investors becomes excessively high, it is mainly due to the short-term market.
It is attracting attention because it is linked to the periodic peak. It was also found that the selling pressure from long-term holders is not that great. Axel Adler Jr. said, "The selling coefficient of long-term holders is
0.3, which means that coins that are more than three years old are steadily absorbing new demand." "In terms of the risk of existing wallets selling off, the current market is uneven.
This equilibrium is being maintained by continued support from institutional investors and exchange-traded funds (ETFs), which have helped to absorb short-term selling pressure and support the market.
Its structural integrity remains sound, playing a key role in supporting the price even as Bitcoin enters the final stages of its current bull market.