A cryptocurrency analyst has recently suggested that the price of the flagship cryptocurrency Bitcoin (BTC) could keep on surging to hit the $400,000 mark next year, based on its historical price performance.
In a recently published pot on the microblogging platform X (formerly known as Twitter), popular cryptocurrency analyst Ali Martinez noted that Bitcoin’s Long-Term Power Law is suggesting BTC could near $400,000 this cycle, if it holds true.
The Long-Term Power Law model was developed by Bitbo and uses an approach that shows resistance and support bands around a “power law” line that’s meant to “ represent the correlation between bitcoin’s price and time.”
The two remaining lines act as boundaries, mirroring the power law but positioned strategically on the chart. The support line sits below the power law, representing a price floor that Bitcoin’s historical price has either touched or stayed above. Conversely, the resistance line acts as a price ceiling.
Bitcoin’s Long-Term Power Law chart suggests that the price of Bitcoin will top the $100,000 mark before 2028, after which “the price will never drop” below that mark. Similarly, it predicts the price of BTC will $1,000,000 “no earlier than 2028 and no later than 2037.”
The chart’s assumptions “depend on bitcoin’s previous performance being indicative of the future.” Martinez’s post was complemented by another one looking at historical data, which suggests that if Bitcoin’s cycle follows the previous two, we “could see a market top in about a year, around October 2025.”
As CryptoGlobe reported, a popular cryptocurrency analyst has recently suggested that the price of Bitcoin could bounce to around $92,000 after retesting its 50-week moving average which, over the last few cycles, led to a bounce of “at least 40%.”
The popular analyst added that on average, after retesting the 50-week SMA, the price of Bitcoin bounced 71%, which during the current cycle would mean a price rise to around the $92,000 mark, a new all-time high.
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