A widely followed crypto strategist is predicting that Bitcoin (BTC) could reach a new all-time high in the next 18 months.
The anonymous host of InvestAnswers tells his 442,000 YouTube subscribers that Bitcoin may print a new high in June 2024.
According to the crypto trader, his estimate is based on the average time it took during prior cycles for Bitcoin to recover after reaching all-time highs and then collapsing. Using that timeline, he says there are 415 days before Bitcoin will reach a new all-time high during its current cycle.
He also warns of price volatility before the next all-time high since during the prior cycles Bitcoin retested lows.
“The last two Bitcoin cycles each took around three years to return to their previous all-time highs, not bad. Currently, we are halfway through that period, ladies and gentlemen, and both previous cycles saw price action that retested market bottoms and it is therefore best to prepare for a similar scenario playing out, especially considering the current macro headwinds.
What’s really interesting is if you look at where we are now, that yellow line, we’re at 545 days. And if you take the average of all those three previous cycles, we have about 415 days to go to a new all-time high – if history repeats and if these averages work, not a guarantee.”
According to the trader, Bitcoin is performing stronger during the current cycle when compared to the prior ones.
“But I see a lot of things that are different this time around. One, we’re getting higher, faster. Bitcoin is performing faster. Number two, we have a lot of headwinds, yes. But we have other tailwinds like the banking crisis that are really making people understand what a store value is. So this could be exciting. And of course 415 days to a new all-time high will be June 27, 2024, by my calculations, a little over a year from now.”
Bitcoin is trading for $27,729 at time of writing, down 0.5% during the past 24 hours.
source: dailyhodl
image source: ai
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Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
