According to Historical Data, Bitcoin (BTC) Price Bull Run Will Continue Until November
Bitcoin (BTC), the world’s largest cryptocurrency, hit an all-time high above $70,000 on Friday. Bitcoin has been on an unstoppable journey over the past month, with net inflows skyrocketing in newly launched spot ETFs.
Bitcoin (BTC) Price Bull Run
Prominent crypto analyst Ali Martinez has revealed his predictions for Bitcoin’s market trajectory, using historical patterns to predict the timing of the next market top.
According to Martinez, Bitcoin has exhibited a consistent trend in past cycles, taking approximately 8 to 11 months to surpass previous all-time highs and reach its market peak. Martinez’s analysis suggests that with Bitcoin currently rising to unprecedented levels, the next peak in the Bitcoin market could occur between November 2024 and February 2025.
Kindness: Ali Martínez
What Will Happen to BTC After $70,000?
While Bitcoin price is challenging previous all-time highs, it continues to face rejection as soon as it enters its new discovery phase. After reaching an all-time high of $70,000, BTC price has partially retreated and is currently trading at $68,423 with a market cap of $1.350 trillion.
One of society’s biggest doubts is whether new investments can be made at this point. Bitcoin is on a strong rise ahead of the next halving, which will take place a month from now. Some investors predict that the BTC price could rise to $100,000 around the halving time.
On-chain data provider Santiment reveals that Bitcoin has surged to a new all-time high, reaching a remarkable market cap of $70,199. Despite this important milestone, investors are showing signs of both fatigue and distraction towards alternative cryptocurrencies, namely altcoins.
Currently, discussions around $BTC stand at 27.5% compared to other assets, indicating balanced sentiment. However, this falls short of the massive euphoria observed when Bitcoin surpassed $60,000 just nine days ago; It’s an encouraging sign that extreme FOMO and greed often precede market corrections.
Additionally, the Average Dollar Investment Age metric reveals a rapid return to circulation of previously inactive coins, a common phenomenon seen in bull markets. Until widespread excitement across the Bitcoin network and coin inactivity resurfaces, the potential for further market capitalization remains promising.
Kindness: centimeter
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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