As Bitcoin (BTC) aims to reclaim the $60,000 support, an analyst has opined that the asset’s past performance indicates more upside potential, possibly reaching six figures.
According to the analyst with the pseudonym apsk32, Bitcoin could be on a trajectory to reach $225,000 in the next several months.
The analyst, in a post on X on July 7, noted that the projection is based on an assessment of Bitcoin’s historical price movements and its alignment with a power law support model.
Apsk32’s model considers the cyclical nature of Bitcoin’s price movements, historically characterized by four-year cycles. Each cycle typically culminates in a significant price peak, followed by a correction.
The analysis highlighted these cycles and their respective peaks in 2013 and 2017, as well as a notable double peak in 2021.
Bitcoin price and power law support. Source: apsk32
The fundamental assertion made by Apsk32 is that if Bitcoin follows its previous cycle patterns, it co
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