Since the price of Bitcoin broke its previous all-time high, it has shown immense momentum, surging even higher, surpassing the $72,000 price mark, while leading the charge to what is considered the “biggest bull run in history.”
Bitcoin Lengthening Cycles Beyond Previous All-Time High
Many crypto analysts predict the world’s largest cryptocurrency will peak within the next few months following the surge. Some have even pinpointed the exact timeframe in which this might happen in this bull cycle.
Rekt Capital, a cryptocurrency analyst and trader, has shared his insights on Bitcoin’s potential to top this bull cycle within the same timeframe as previous bull cycles.
According to Rekt Capital, when Bitcoin breaks its old peak, it usually executes a “Bull Market Top” between 266-315 days. Given that BTC surpassed its previous all-time high last week, 266-315 days might be the approximate time of the next bull market peak.
Specifically, this could happen around late November 2024 or very late January 2025. Even though this cycle is accelerating, Bitcoin’s days above its old peak seem to be taking longer.
The post reads:
Bitcoin broke its old All Time Highs last week, the next Bull Market Peak may thus occur in 266-315 days. That is very late November 2024 or very late January 2025. However, as fast as this cycle may be, it appears that the amount of days that Bitcoin spends beyond past all-time highs is actually lengthening.
Drawing attention to the preceding bull cycles, the expert further emphasized that before topping out in 2013, “BTC’s surge lasted for 268 days.” Also, in 2017, it “topped out in 280 days,” indicating an increase of 14 days.
Meanwhile, in 2021, the crypto asset “rallied for 315 days before reaching its peak,” indicating a 35-day increase compared to 2017. Therefore, this historical trend shows that BTC has exceeded past peaks by an average of 14 and 35 days.
As a result, by adding the initial bull market peak timeframe of 266-315 days with the 14-35 days, Rekt Capital has pinpointed the coin to top out within 280 and 350 days. In particular, this could take place in the middle of December 2024 or in the middle of February 2025.
Is BTC Breaking Its Preceding Pinnacle Too Early?
Dennis Porter, the Chief Executive Officer (CEO) of Satoshi Action Fund, has revealed his optimistic view regarding BTC’s latest milestone. Porter mentioned that the asset reaching a new height marks the first time it has happened ahead of the halving event.
According to the CEO, Bitcoin is witnessing a massive “fund inflow from institutional players not seen in the past.” He added, “many states are now seeking to enact legislation supporting BTC.” Thus, he has urged the community to remain unwavering, as “history is being made.”
Featured image from iStock, chart from Tradingview.com
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