Bitcoin (BTC) is once again at a crossroads. The latest chart by 'Mags' on the X platform provides insights into the digital asset’s long-term cycles and its possible next phases.
Bitcoin and the 20-Day EMA
Bitcoin is very close to the 20-day exponential moving average (EMA), which stands at $97,141. If BTC reclaims this level and breaks out of the upper Bollinger Band, $100K is likely.
Cyclical Analysis by 'Mags'
According to 'Mags’ post, Bitcoin typically follows a relatively predictable pattern. It kicks off with the halving event, followed by a strong rally, hitting a peak, and then a bear market takes over.
Halving Events and Their Impact
This cycle has played out multiple times in the past, and it seems that Bitcoin is currently in the bull rally phase after the 2024 halving. Historically, each halving triggers a supply shock, often leading to a significant rally before the prices peak, followed by a bear market.
Bitcoin's cycle analysis highlights that the current bullish phase may lead to new peaks. However, investors should monitor key levels and market changes to respond to potential fluctuations timely.
