Since bitcoin price broke its previous all-time high, it has shown immense momentum, rising even higher, surpassing the $72,000 price mark, while leading the charge towards what is considered the “biggest bull run in history.”
bitcoin cycles lengthen beyond previous all-time high
Many crypto analysts predict that the world's largest cryptocurrency will peak in the coming months after the surge. Some have even pointed out the exact time frame in which this could happen in this bull cycle.
Cryptocurrency analyst and trader Rekt Capital has shared his thoughts on bitcoin's potential to overcome this bull cycle. within the same time period as previous bull cycles.
According to Rekt Capital, when bitcoin breaks its former peak, it typically runs a “Bull Market Top” between 266 and 315 days. Given the btc surpassed its previous all-time high last week, 266-315 days could be the approximate time of the next bull market peak.
Specifically, this could happen around late November 2024 or very late January 2025. Although this cycle is accelerating, bitcoin's days above its former peak appear to be taking longer.
The post says:
bitcoin broke its old all-time highs last week, so the next bull market peak may occur in 266-315 days. This is either late November 2024 or late January 2025. However, as fast as this cycle may be, it appears that the number of days bitcoin spends beyond all-time highs is actually getting longer.
Drawing attention to previous bullish cycles, the expert further emphasized that before reaching its peak in 2013, “the btc surge lasted 268 days.” Additionally, in 2017, it “reached a 280-day high,” indicating an increase of 14 days.
Meanwhile, in 2021, the crypto asset “rallyed for 315 days before reaching its peak,” indicating a 35-day increase compared to 2017. Therefore, this historical trend shows that btc has surpassed past peaks in an average of 14 and 35 days.
As a result, by adding the initial bull market high time period of 266 to 315 days with the 14 to 35 days, Rekt Capital has identified that the coin will peak within 280 and 350 days. In particular, this could take place in mid-December 2024 or mid-February 2025.
Is btc breaking its previous pinnacle too soon?
Dennis Porter, CEO of Satoshi Action Fund, has revealed his optimistic view on the latest btc milestone. Porter mentioned that the asset reaching a new height marks the first time it has happened before the halving event.
According to the CEO, bitcoin is witnessing a massive “fund inflow from institutional actors not seen in the past.” He added that “many states are now looking to enact laws supporting btc.” Thus, he has urged the community to remain unwavering, since “history is being made.”
Featured image from iStock, chart from Tradingview.com
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