Bitcoin's BTC/USD Price trajectory is a topic of intense interest, and after King Crypto's sideways movement over the past few weeks, one analyst believes King Crypto is heading towards new all-time highs.
what happened: Analyst kevin svenson We expect it to reach a new all-time high. He uses historical patterns to support his prediction to suggest that the apex cryptocurrency is poised for a major breakout.
Svensson believes Bitcoin could soon enter a very explosive phase of the market cycle.
He highlighted that after Bitcoin's first halving in 2012, it took about 41 months for it to surpass its previous all-time high. Similarly, after the second halving in 2016, it took approximately 36 months.
Bitcoin is currently 35 months removed from its previous all-time high, indicating a potential breakout.
“We are on track and on schedule. There is nothing wrong with the timing of the cycle. The only thing that went wrong with this cycle is that once Bitcoin hits an all-time high, Bitcoin will “People's expectations are that we have to start moving above the all-time high,” he said.
Based on these historical trends, Svensson suggests that Bitcoin could start trading above its current high of $74,000 as early as next month.
“We've had cycles in the past where we hit all-time highs, like in 2016, but it took another month or two for us to start trending above all-time highs. So we're really on track. Noda.”
why is it important:Bitcoin's price is relatively calm, trading at $67,900, a modest 1.2% increase, despite reaching nearly $69,000 earlier this week. The leading cryptocurrency is currently 8% below its all-time high of $73,737.
Earlier, Bitcoin briefly rose to an intraday high of $68,693, but took profits and fell below $68,000.
Moreover, there is widespread optimism about Bitcoin's future. matt hoganBitwise's chief investment officer, expects the price to reach six digits by 2025. He cited factors such as the recent halving event in April, which cut miners' rewards in half and had a major impact on Bitcoin market dynamics.
Price action: At the time of writing, Bitcoin was trading at $67,063, up just 0.30% in the past 24 hours, according to data from Benzinga Pro.
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