According to U.Today, a recent report by digital asset data provider CCData predicts that the Bitcoin (BTC) price is likely to reach a new all-time high in 2024. The report suggests that the current bull cycle could extend into 2025, unlike previous cycles which featured a parabolic advance, a brief period of extreme price appreciation. This cycle is unique as Bitcoin broke a previous peak and reached its current all-time high of $73,737 before the halving event in April 2024.
This unusual trend is attributed to the introduction of several spot Bitcoin exchange-traded funds in early 2024, which sparked excitement in the investment space and broke multiple records. Analysts are now speculating whether Bitcoin will reach a new peak this year after surpassing the all-time high of the previous cycle in March. Commodity trader Peter Brandt estimates a 25% probability that the flagship cryptocurrency has already reached its peak before experiencing 'exponential decay.'
However, the consensus seems to be that Bitcoin will reach a six-figure milestone this year or in 2025. In the previous cycle, it took Bitcoin 547 days after the 2020 halving to reach its peak of approximately $69,000 before it entered a bear market. CCData suggests that the current streak of range-bound price action is temporary, and the leading cryptocurrency is likely to surpass its March peak.
