According to BlockBeats, a report cited by CNBC from CCData reveals that Bitcoin has not yet reached the peak of its current appreciation cycle and may surpass its historical high this year. Bitcoin set a new record high of over $73,700 in March but has since been fluctuating between approximately $59,000 and $72,000.
The journey to the record high in March was primarily due to the approval and launch of Bitcoin spot exchange-traded funds (ETFs) by the United States in January. According to data from CCData, these ETFs have attracted about $14.41 billion in net inflows to date.
Bitcoin 'cycles' primarily revolve around 'halving' events. Historical trends indicate that 'halving' events always precede price increase periods, which may last from 366 days to 548 days, 'then produce a cycle peak. Due to the maturity and reduced volatility of the asset class, each halving will experience a longer cycle than the previous one.'