Will Bitcoin go to $220,000 in November 2027... Will past bull cycles repeat?

▲ Bitcoin (BTC)/AI generated image ©

A forecast suggests that if Bitcoin (BTC) follows the repeating pattern of past bull cycles, it could reach $220,000 in November 2027, and potentially surpass $300,000 in a full parabolic upward phase. Even in the short term, if the breakout level of $82,000 turns into support, the mid-term target of $100,000 could open up, according to analysis.

According to crypto media outlet Finbold on September 29 (local time), TradingShot, an analyst at TradingView, presented this outlook on the 28th, based on the 'Introduction Channel to Bull Cycle' that has repeatedly appeared in Bitcoin's past bull cycles. The analysis indicates that the structure of an upward channel forming after a bear market low, followed by a transition to a parabolic rally, is also appearing in the current cycle.

TradingShot explained that in the past, Bitcoin continued its bull cycle by recovering the 50-week moving average (MA) after breaking out of the bear market low and turning it into support. In particular, corrections to the 50-week MA have acted as entry opportunities before the next surge. However, it added that this pattern did not work properly when major market shocks occurred, such as the Bitfinex flash crash in 2015, the sharp drop caused by COVID-19 in 2020, and volatility related to Facebook's Libra in 2019.

TradingShot believes that the current cycle began in 2023 and is showing a similar trend to past bull markets. If the projected path of the long-term weekly chart is maintained, Bitcoin could reach $220,000 in November 2027, and there is also a possibility of surpassing $300,000 if the upward cycle develops into a full parabolic rally.

Bullish signals were also raised in the short-term outlook. On-chain analyst Ali Martinez analyzed that Bitcoin is retesting the $82,000 neckline after breaking out of a Double Bottom pattern. The forecast suggests that if the broken resistance successfully turns into support and maintains above $82,000, there is a possibility of rising to $100,000 in the mid-term.

At the time of writing, Bitcoin was trading at $84,196, surpassing both the 50-day Simple Moving Average (SMA) of $76,492 and the 200-day SMA of $71,169. The 14-day RSI (Relative Strength Index) was 61.08, indicating positive momentum but not yet entering the overbought zone. The Crypto Fear & Greed Index recorded 73, indicating high investor confidence. Long-term, $220,000, and short-term, $100,000, have emerged as key upward targets suggested by experts.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*