Analyze historical data to anticipate the potential direction of Bitcoin prices post-breaking the previous all-time high.
In the 2013 cycle, Bitcoin hit a peak of around $1,130 but did not surpass this level again until March 2017. Subsequently, within three months, BTC prices doubled.
Upon breaching the all-time high of $20,000 in December 2020, Bitcoin prices doubled within a month.
Given that Bitcoin surpassed its 2021 all-time high of $69,000 in March, there is a possibility that prices could double to approximately $140,000 in the upcoming months if historical patterns repeat.
Potential Growth Ahead
“Alpha Analysis” offered a similar assessment on May 23, referencing how in 2014 and 2017, there were significant corrections lasting multiple weeks after new price peaks before the subsequent upward trend.
In 2017, Bitcoin’s price doubled within four weeks of establishing new all-time highs.
In 2021, Bitcoin’s price doubled within four weeks of establishing new all-time highs.
By following the same trend, a $138,000 price by the end of June in 2024 is projected.🚀🌛 pic.com/4kOBPa6y11
— alphanalysis.io (@Sawcruhteez) May 22, 2024
Bitcoin’s market pattern seems to reflect this trend as it underwent a 23% correction by May 2 but recovered to maintain relatively stable levels following the breach of the 2021 all-time high on March 12.
Another analyst, Will Woo, shared a corresponding view on May 22, noting that while concerns arose about Bitcoin’s lack of price increase over the last two months, available BTC was quietly being accumulated, stating:
“I will reiterate one last time… It’s only a matter of time before BTC surpasses all-time highs.”
James Check from Glassnode mentioned that the market still has a way to go before reaching the euphoric phase of the current bull cycle, suggesting that the market is hovering between enthusiasm and excitement but has yet to hit euphoria.
#Bitcoin is Still Quiet, and Still Trending.
From my perspective, we are still far from the true Euphoria phase of this bull market.
One could argue we are treading between Enthusiasm and Excitement, not yet reaching Euphoria. pic.com/h1SC3lDjPC
— _Checkmate 🟠🔑⚡☢️🛢️ (@_Checkmatey_) May 22, 2024
Crypto Market Overview
Bitcoin’s current trading levels closely align with its November 2021 all-time high, indicating a support base. The asset experienced a 0.5% drop, trading at $69,500 during the Asian trading session on Thursday morning.
A potential decline could see the price retreat to $67,000 support, while upward momentum could encounter resistance at $71,000.
Ethereum has maintained recent gains as anticipation grows within the crypto community for the US Securities and Exchange Commission’s decision on whether to approve or reject the nation’s first spot ETH ETF today, with the asset priced at $3,776.
Altcoins have not kept pace with the recent BTC and ETH rally, showing either stability or marginal declines.
Image Source: DUSAN ZIDAR / Shutterstock
