If Bitcoin (BTC) History Is Repeated, Here’s When To Expect Cycle Top
The price of Bitcoin (BTC) has maintained its bearish drawdown over the past week. While it is trying to trigger a rebound, top market analyst Ali Martinez has shared crucial insights to note.
Historic Cycles of Bitcoin Bull Run
The analyst shared a chart showing Bitcoin’s price performance from cycle lows over different periods. Precisely, the chart outlined 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 at some periods, the price of the coin hit a peak price.
If this #Bitcoin market cycle mirrors the last three, the top could actually come around December 2024 or October 2025! pic.twitter.com/Bsuy3CjM9f
— Ali (@ali_charts) June 18, 2024
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 is supported by some previous predictions from industry experts.
Jack Mallers, CEO of Bitcoin wallet and payments application Strike, stated that Bitcoin could surge between 260% and 1,357% in the coming months. Notably, Mallers believes the coin is still in its early stages, predicting that it could hit $250,000 to $1 million within the next 10 to 18 months.
Similarly, Bernstein also predicted that BTC would hit $200,000 by 2025 and even more boldly, the analyst from the firm noted that the flagship crypto will reach $1 million by 2033.
BTC Price Sees Bear Movement
Meanwhile, the coin has been on a downtrend for a while. At the time of this writing, Bitcoin was trading at $64,494.51 with a 2.70% decrease in the last 24 hours. The Bitcoin price has dropped to its one-month low and a crucial support level of the 50-day moving average indicating the short-term downtrend in the crypto.
However, there is hope that spot Bitcoin ETF demand and other metrics could drive the price of the flagship cryptocurrency by a significant percentage. Despite this bullish tendency, the current situation of the market could impede this potential outlook of the spot BTC ETF market.
Overall, the Bitcoin ETF market is reeking of outflows, solidifying the headwind. Recent data from Farside Investors revealed a substantial net outflow of $226.2 million from the US Bitcoin spot ETF market. Additionally, Farside also reported a complementary net outflow of $146 million from the offering.
If this trend persists, Bitcoin may need other metrics to fuel it transition to a bull run.
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