Bitcoin (BTC) Price Nears All-Time High: $84,000 Target on the Horizon, Halving Cycle Theory in Play

Bitcoin is trading near its all-time high as analysts look forward to the possibility of breaking through the level.

Bitcoin is currently trading at $72,144 which marks a 0.85% decrease following yesterday’s peak at $72,850.

The 9-day moving average is at $69,247.27 which is higher than the 21-day moving average of $66,179.88, confirming a bullish outlook.

This particular arrangement of moving average coupled with a recent crossover indicator implies that Bitcoin has good upside momentum.

The Relative Strength Index (RSI) is 66.69 and it is close to the overbought level of 70, therefore suggesting a strong buying signal. However, the RSI approaching 70 could signal potential overbought conditions, which often lead to short-term corrections.

Some technical analysts have put a spotlight on $72,850 that, if breached, will signify additional upside momentum.

However, the 9-day moving average near $69,000 gives short-term support showing solid ground for an upward trajectory. When it comes to the RSI the chart itself shows a bullish trend on Bitcoin but we can see that the RSI is overbought.

Bitcoin’s Next Level: $84,000 Target and Halving Cycle Theory

According to CryptoQuant analyst Julio Moreno, Bitcoin is approaching ATH and he estimates it the next level of $84000 based on the on-chain realization price band.

Moreno shared the above observations in his post on X, suggesting that price history and on-chain data were the two key factors behind this.

This target is the high resistance for many long-term Bitcoin holders since on-chain data indicates increased participation by institutions and individual investors.

Another analyst discusses “The Halving Cycles Theory” As it stands this expected cycle corresponds with Bitcoin approaching the ATH, supporting the argument that the coming months can propel BTC to even greater heights.

The Halving Cycle Theory is probably one of the best-known events that are traditionally associated with the increased scarcity and, consequently, the growth of prices. As Bitcoin’s block rewards decrease, many expect a supply shock that could further drive prices.

Long-Term Projections: Could Bitcoin Reach $133,000?

Tony “the Bull” on X goes ahead to predict that Bitcoin’s 2M (two-month) RSI is nearing 70 as an indicator of a strong market for Bitcoin.

According to this pattern, he sees this move potentially rising 87% from current levels and getting Bitcoin to around $133,000.

This prediction is based on prior cycles because with each surge of BTC’s price, the value that it garners has been decreasing. TonythebullBTC says that previous cycles led to an ROI of 11000%, 2700%, and 437% meaning that the 20% ROI of the last cycle could bring Bitcoin close to $133,000.

While speculative, this target aligns with the theory that Bitcoin’s ROI shrinks with market maturity but still allows for substantial gains.