Bitcoin's Path to Potential Six Figures – Will History Propel BTC Price Up?

Bitcoin had a solid week and will likely close it above the $64k area. This means that the BTC price has pumped 8% this week

Bitcoin price had a good week and will likely close it above the $64k area. This means that the BTC price has pumped 8% this week, which is generally considered solid for the king of all cryptos. As we can see from the price performance, Bitcoin has been slowly grinding up in a choppy price action, which is also evident on the daily chart.

After a strong rally in the first half of August, Bitcoin price action has slowed down in the second half of the month, which is also reflected in the lower trading volume.

Now, let’s take a look at some interesting analysis from Ben Cowen, which was featured in a recent video from the Altcoin Daily YouTube channel. They provided some useful insights on Bitcoin's history patterns, the global market outlook, and BTC price predictions, among other topics.

US Economy And Market Outlook

The US Federal Reserve aims to manage inflation and maintain it around the 2% mark. While inflation has been trending down, there is a possibility of it re-emerging, similar to what occurred in the 1970s. Additionally, the Fed is trying to avoid deflation, which happened in the 1940s due to overly tight monetary policies.

Furthermore, the unemployment rate is increasing slightly but remains low at 4.3%. There is optimism that the economy could achieve a soft landing, and the Fed is likely to cut rates in 2025. The performance of riskier assets, such as Bitcoin, will depend heavily on when the Fed decides to loosen monetary policy.

On a side note, Bitcoin ETFs experienced a surge on August 25th, recording a $252 million inflow—the highest seen in a month.

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Bitcoin History And BTC Price Predictions

Moving on, Cowen discusses Bitcoin’s four-year cycle, where it typically peaks in the fourth quarter of the post-halving year. He notes that the current cycle closely resembles past cycles, particularly the 2019 pattern, where Bitcoin had a strong rally followed by a significant pullback.

Looking ahead to 2025, the expectation is that Bitcoin could continue to perform well, especially if there is a soft landing in the economy. However, Bitcoin might experience a few more months of stagnation before a possible breakout in 2025. While price predictions remain uncertain, Cowen suggests that reaching six figures is possible but not guaranteed.

As for Ethereum, it has underperformed Bitcoin in this bull run, especially since the merge. However, historically, after a significant drop, Ethereum tends to rebound strongly. The current cycle suggests that Ethereum might follow a similar pattern, potentially bottoming out soon before recovering in 2025.

In terms of the broader altcoin market, Cowen believes that 2025 could see altcoins outperforming Bitcoin, marking the beginning of a new altcoin season. This is expected to occur after Bitcoin dominance peaks, which is anticipated to happen between September and December 2024.

The ITC (Into the Cryptoverse) indicator provides various quantitative market analysis tools, including risk metrics, which help investors make decisions based on the current risk environment. Cowen advocates for using these indicators to guide investment strategies rather than trying to predict exact market movements.

Also Read: Kaspa Still Has A ‘Long Way To Go’ To Catch Cardano, Solana, And Other Top Altcoins – Here’s Why

In terms of potential Bitcoin price targets, Cowen outlines several scenarios:

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