Bitcoin Eyes $110,000: An Imminent Year-End Rally Explained

Bitcoin Eyes $110,000: The Road Ahead

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's 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.

• **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.
• **2024**: The first parabolic phase occurred early in the year, driving the price from below $20,000 to nearly $70,000 by summer before a significant correction.

Following the mid-cycle correction in 2020, known as the 'COVID crash,' Bitcoin entered its second parabolic phase, skyrocketing to its then-all-time high of approximately $42,000 by early 2021. Analysts expect a similar trend in 2024.

Key Indicators and Market Sentiment

The alignment of historical patterns with current market dynamics supports a bullish outlook for Bitcoin in the coming months. Key indicators, such as the resumption of upward momentum following the post-halving correction, are notable:

• Strong institutional interest.
• Firm support levels around $25,000.

This bullish outlook is bolstered by macroeconomic concerns like inflation and a weakening of fiat currencies, positioning Bitcoin as a digital store of value.

The psychological impact of approaching a six-figure price could trigger speculative interest, potentially driving Bitcoin towards the speculative $100,000 to $110,000 range by the end of the year.

Looking Ahead: The Next Bull Run

With Bitcoin recently rising to $64,234, marking a 5.1% gain in the last 24 hours, the market eagerly anticipates whether it can break the $70,000 resistance. If historical patterns hold, Bitcoin might be set for a major rally that could affirm its status as a key asset in the global financial landscape.

Disclaimer: The content provided should not be considered investment advice. Investing carries risks.