If Bitcoin (BTC) History Repeats, Here’s When to Expect the Peak
Bitcoin (BTC) price continued its downward trend last week. As we look to spark a recovery, leading market analyst Ali Martinez shared key insights to watch out for.
Historical Cycles of the Bitcoin Bull Run
The analyst shared a chart showing Bitcoin’s price performance in low cycles over different periods. The chart precisely outlined the cycles from 2011 to 2015, 2015 to 2018, 2018 to 2022, and 2022+. During these cycles, the price of Bitcoin fluctuated significantly, but it was discovered that during some periods the price of the coin reached its peak.
Armed with this historical data, Martinez believes that if the current Bitcoin cycle mirrors the last three cycles, the market could see a major bull run by December 2024 and October 2025. The analyst’s speculations are supported by some earlier predictions from industry experts.
Jack Mallers, CEO of Bitcoin wallet and payment application Strike, stated that Bitcoin could rise between 260% and 1,357% in the coming months. Notably, Mallers believes the cryptocurrency is still in its early stages and predicts it could reach $250,000 to $1 million in the next 10 to 18 months.
Similarly, Bernstein predicted that BTC would reach $200,000 by 2025, and even more boldly, the firm’s analyst stated that the flagship cryptocurrency would reach $1 million by 2033.
BTC Price Sees Bearish Movement
Meanwhile, cryptocurrency has been in a downward trend for some time. At the time of writing, Bitcoin was trading at $64,494.51, down 2.70% in the last 24 hours. Bitcoin price has fallen to a one-month low and a key support level of the 50-day moving average indicates a short-term bearish trend in the crypto.
However, there is hope that spot Bitcoin ETF demand and other metrics could boost the price of the flagship cryptocurrency by a significant margin. Despite this bullish trend, the current state of the market may hinder this potential outlook for the spot BTC ETF market.
Overall, the Bitcoin ETF market reeks of outflow, adding to the tailwind. Latest data from Farside Investors revealed a significant net outflow of $226.2 million from the US Bitcoin spot ETF market. Additionally, Farside reported a complementary net outflow of $146 million from the IPO.
If this trend continues, Bitcoin may need other metrics to accelerate its transition into a bull run.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-life applications of blockchain technology and innovations to ensure mainstream acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture. follow him excitementLinkedIn
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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