Bitcoin (BTC) Price Prediction: Analysts Forecast a Major Breakthrough, Targeting $400,000 in the Next Cycle

Bitcoin (BTC) continued to show strength this week, following a robust start to the week that saw its market value climb to a high of $63,700 on Monday.

Bitcoin (BTC) price action remained strong this week, following a promising start that saw the cryptocurrency’s market value climb to a high of $63,700 on Monday. This growth occurred despite major exchanges, such as Binance and BitMEX, experiencing heavy shorting of Bitcoin since Saturday.

However, optimism remained high among analysts, with several predicting a major breakthrough for Bitcoin.

Here's a closer look at some of the key analysis and commentary from the past week.

Analyst Kyle Chasse predicted that Bitcoin could surge to $400,000 in the next cycle.

“If you don’t know what a super cycle is, you’re going to find out real soon,” he tweeted.

While Chasse did not elaborate on his precise reasonings, he shared a chart showcasing historical price pumps, suggesting that Bitcoin’s past halvings, growing institutional adoption, and role as a hedge against inflation could contribute to this massive growth.

As Bitcoin's supply diminishes due to the halving, combined with ongoing global economic uncertainty, its status as “digital gold” appears stronger than ever.

Additionally, the cryptocurrency has seen maturation over the past few years, with more regulatory clarity and wider acceptance from both retail and institutional investors, especially following the approval of several spot ETFs in the U.S. earlier this year.

These developments set the stage for a potential rally in Bitcoin’s value, as investors turn towards the asset to protect their wealth.

Meanwhile, the founders of popular crypto analytics firm Glassnode, who operate under the handle “Negentropic” on X (formerly Twitter), highlighted the Bitcoin Risk Index, which is currently signaling an imminent significant price movement.

“This weekend the Bitcoin Risk Index touched 100, and its current slight retraction might stick. If we see a further retraction from here, we most likely hit a clear bottom with a strong move up in Bitcoin price. Historically, this has been the case.”

On the other hand, analyst Gert Van Lagen pointed out a promising technical pattern for Bitcoin, known as the “descending broadening wedge,” echoing sentiments of veteran market analyst Peter Brandt. Notably, Lagen noted a 72% probability that Bitcoin will break out to the upside from this pattern.

The pundit further explained that if trading volume continues to decline throughout the pattern, the breakout could see stronger performance. He emphasized that the most significant bullish movements often follow a prolonged uptrend, citing the current 20-month rise as a strong indicator.

“Once BTC leaves Base 4, the steepest kind of ascent $BTC has ever witnessed is to be expected.”

Bullish sentiments were further supported by data from CryptoQuant, revealing that approximately 236,155 BTC, valued at around $14.22 billion, have been withdrawn from exchanges over the past two months.

This substantial outflow suggests a tightening supply, which could bolster the bullish outlook.

At press time, BTC was trading at $63,331, reflecting a 0.96% surge over the past 24 hours.

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