“Bitcoin is still tracking past cycles surprisingly well,” said engineer and analyst ‘apsk32’ on X on Monday.

This is quite remarkable given the headwinds such as US trade tariffs and geopolitical conflicts they added. Nevertheless, there was still a big price prediction to go with it.

“If the pattern holds, we would expect a peak somewhere around $200,000 in November or December of this year.”

Bitcoin to Surge Higher

The analyst produced a Bitcoin Power Curve Cycle Cloud chart stating that if BTC is measured in gold ounces, “it looks like the cycle hasn’t even started.”

Bitcoins still tracking past cycles surprisingly well, given this time we have the ETFs, TCs, tariffs, and the Ukraine-Russia and Israel-Iran conflicts. If the pattern holds, we would expect a peak somewhere around $200,000 in November or December of this year.

In the comments… pic.twitter.com/q9tX1NBbqX

A flurry of bullish price predictions has emerged since the asset broke out of its two-month sideways channel and surged to an all-time high of just below $123,000 on Monday.

Former Google and Meta tech lead “TechLead” said that $120,000 was “nothing,” before adding:

“Exponential curves move faster in higher price bands. Bitcoin (log) has been on the same trendline since 2023. Its $200K by year-end, then $1 million by 2028.”

In a note shared with investors, Bitunix analysts said that crypto market sentiment remains bullish, with the next potential liquidation pressure zone lying between $125,200 and $127,000.

Meanwhile, Nic Puckrin, founder of The Coin Bureau, said in a note that retail buyers are nowhere to be seen yet, and this rally is still driven by institutional capital. He added that retail investors are not likely to get involved until FOMO kicks in at around the $150,000 level.

On July 12, before Monday’s Bitcoin run to an all-time high, the founder and CEO of CoinFund, Jake Brukhman, posted a list of bullish price predictions from a number of sources.

These Bitcoin price predictions aren’t bullish enough. pic.twitter.com/6B3C1qhD9U

BTC Price Outlook

Bitcoin has cooled by 3.7% from yesterday’s all-time high, correcting sharply to $117,600 at the time of writing during the Tuesday morning Asian trading session.

The asset is now back at support, which was resistance late last week. If this support level does not hold, it could fall back to short-term support just above $111,000 or longer-term support at the $108,000 zone.

Pullbacks such as this are not uncommon following a euphoric rally and are an opportunity for markets to reset following profit taking at record highs.