The post Bitcoin eyes $110,000 for an year-end rally appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) has recently faced resistance at the $70,000 mark, yet market anticipation is growing that the cryptocurrency will maintain its bullish momentum, targeting a record high.  Notably, an analyst known by the pseudonym Stockmoney Lizards observed that Bitcoin’s recent market activity suggests the post-halving correction is nearing its conclusion. As the crypto market approaches the end of August, analysts believe that the second half of September or October should initiate the next leg up for Bitcoin, leading to a major price surge with projections targeting a year-end price between $100,000 and $110,000. Parallels with 2020: A blueprint for the 2024 rally Stockmoney Lizards’ analysis draws striking parallels between Bitcoin’s current price action in 2024 and its performance in 2020. Both periods are marked by significant parabolic rises, followed by mid-cycle corrections before resuming their upward trajectories. Bitcoin price analysis chart. Source: TradingView / Stockmoney Lizards In the first parabolic phase in 2020, Bitcoin rose from approximately $3,800 in March to over $10,000 by June, setting the stage for a further rally post-COVID correction.  Similarly, in 2024, the first parabolic phase occurred early in the year, driving the price from below $20,000 to nearly $70,000 by the summer before encountering a significant correction dubbed ‘Black Monday.’ The mid-cycle correction in 2020, known as the ‘COVID crash,’ was a brief but sharp pullback that tested key support levels before Bitcoin resumed its bullish trend. In 2024, the ‘Black Monday’ correction mirrors this pattern, albeit at a higher price point, with Bitcoin’s price pulling back to the $25,000 to $30,000 range. Following the mid-cycle correction in 2020, Bitcoin entered its second parabolic phase, skyrocketing to its then-all-time high of approximately $42,000 by early 2021.  Analysts suggest that a similar pattern is expected in 2024, with the second parabolic phase projected to begin…

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Filed under: News - @ August 24, 2024 2:22 pm