The past two cycles could be an indicator of where BTC price is headed after the all-time high is broken.
In the 2013 cycle, Bitcoin price peaked around $1,130, but did not fall below this level again until March 2017. However, in the following three months, the price of BTC doubled.
After breaking through its 2017 all-time high of $20,000 in December 2020, BTC prices doubled within a month.
Bitcoin’s 2021 high of $69,000 was breached in March, so if cycle history rhymes, the price could double to around $140,000 within the coming months.
Will there be big benefits?
A similar analysis was provided by “Alpha Analysis” in a post about X on May 23rd. They added that in 2014 and 2017, after a brand new price peak, there was a multi-week correction before the next parabola.
The Bitcoin market seems to have reflected this movement, falling 23% by May 2nd, but has recovered within a range since hitting a new 2021 high on March 12th. .
Fellow analyst Will Wu came to a similar conclusion on May 22nd, telling “I was being raked up by someone,” he wrote, before adding:
“Finally… it's only a matter of time before BTC surpasses its all-time high.”
Glassnode analyst James Cech said the market is still a long way from the true euphoria stage of this bull market, adding that “we're on the border between enthusiasm and excitement, but not euphoria yet.”
Cryptocurrency Market Outlook
Bitcoin prices are currently trading very close to their all-time highs from November 2021, where they have built a support base. The asset was down 0.5% on the day, trading at $69,500 in Thursday's morning Asian trading session.
A dip from here can see a return to the support at $67,000, while a further surge could see it hit the resistance at $71,000.
Ethereum continues its recent gains as the crypto community collectively waits with bated breath for the U.S. Securities and Exchange Commission to decide whether to approve or deny the country’s first Spot ETH ETF later today. ing. At the time of this writing, this asset was trading at $3,776.
Altcoins have remained flat or fallen slightly, failing to keep pace with BTC and ETH in the recent rally.
