Bitcoin prices could be set for a significant surge if historical market cycle patterns are any indication.
Looking back at the previous two cycles, we can see a potential trajectory for BTC prices once the previous all-time high is surpassed. In 2013, Bitcoin reached a peak of around $1,130. It took until March 2017 for this level to be broken again, but in the following three months, BTC prices doubled.
Similarly, after the 2017 all-time high of $20,000 was surpassed in December 2020, BTC prices doubled within a month.
Given this pattern, Bitcoin’s 2021 all-time high of $69,000, which was exceeded in March, could suggest prices might double to around $140,000 in the next few months if the cycle history repeats.
This rapid ascent would mark another astonishing milestone in Bitcoin’s volatile journey, captivating both investors and skeptics alike.
Analyst Will Woo also shared a similar perspective on May 22, on Twitter, stating, “While everyone was freaking out that Bitcoin price was not rising the last 2 months, available BTC was quietly being scooped up, and importantly without paper BTC printed in its place.”
He added, “Last time I’ll say it… It’s only a matter of time before BTC squeezes past all-time-highs.”
Glassnode analyst James Check remarked that the market is still far from true euphoria. With the cryptocurrency market ever-evolving, such a surge could ignite renewed fervor and speculation, underscoring Bitcoin’s unpredictable and thrilling nature.
Bitcoin prices are currently hovering near their all-time high from November 2021, creating a strong support level. The asset saw a minor dip of 0.5% today and was trading at $69,500 during the Thursday morning session in Asia.
If Bitcoin drops from this point, it could find support at $67,000. However, a move upward could see it encounter resistance at $71,000.
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