Renowned Analyst: 'Bitcoin's Final Peak in This Cycle Will Be $120,000'

▲ Bitcoin (BTC)/ChatGPT generated image

An optimistic outlook suggests that the final peak of this Bitcoin (BTC) cycle will comfortably exceed $120,000.

On April 28 (local time), cryptocurrency media outlet Bitcoinist reported that Bitcoin's recent price movements are replicating past bull market patterns. Analyst Killa, using Diminishing Cycle Analysis, predicted that the peak of this rally would be at least $120,000. This analysis method has accurately predicted past Bitcoin highs and lows, earning high trust from investors.

Currently, Bitcoin is building stable support above key moving averages and attempting an upward breakout. Technical indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are also sending strong buy signals. Analyst Killa emphasized, "If Bitcoin maintains its current upward momentum, breaking through $120,000 is only a matter of time." Notably, the clear accumulation phenomenon, where whale investors move large quantities of assets off exchanges, is fueling the price increase.

The increasing adoption of Bitcoin by institutional finance is also a key driver of price appreciation. Discussions around the U.S. cryptocurrency market structure bill (CLARITY) are progressing, leading to the resolution of regulatory uncertainties. Institutional investors are recognizing Bitcoin as an inflation hedge and increasing its allocation in their portfolios. Continuous capital inflows into Bitcoin spot ETFs are strengthening the market's fundamental resilience and have become a catalyst for ushering in the $120,000 era.

From a supply perspective, Bitcoin's scarcity is continuously increasing. With mining rewards halved after the halving event, demand has surged, leading to an analysis that the market has entered a supply shock phase. Analysts believe that while the percentage gains might be smaller than in past cycles, the absolute price height will significantly surpass previous records. $120,000 is considered the most realistic target price for this bull run.

Bitcoin's conquest of the $120,000 mark signifies a qualitative leap for the entire virtual asset market. With technical indicators and the macroeconomic environment all pointing upwards, investors are awaiting the start of a new era. Bitcoin is proving its asset value and rapidly entering the core of the global financial system.

*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.*