As the digital currency market continues to heat up, Bitcoin has once again become the focus of investors' attention. As the leader of the encryption market, its movements are highly anticipated.
Recently, the price of Bitcoin has shown a strong upward momentum again after a brief correction. This has not only triggered heated discussions in the market about its future trend, but also made investors full of expectations and speculation about when Bitcoin will peak in this accelerated bull market.
On Monday, after breaking through the $65,000 mark, the price of Bitcoin experienced a brief correction, but the overall upward trend remained unchanged. This correction may be related to the popular brokerage Robinhood receiving the SEC Wells notice, but the price of Bitcoin is still higher than last week's low, showing strong support in the market. In the past 24 hours, although Bitcoin fell slightly by 1.5%, compared with the previous few days, the price has risen by more than 10%, which is enough to prove its strong market performance.
At the same time, the market remains optimistic about the future trend of Bitcoin. Crypto hedge fund QCP Capital pointed out that the market demand for September Bitcoin call options has risen again, with strike prices as high as $75,000 and $100,000, further indicating that the market generally expects Bitcoin prices to continue to rise in the coming months.
However, the biggest question for investors is when will Bitcoin peak in this accelerated bull market? In this regard, John Glover, chief investment officer of Ledn cryptocurrency lending company, provided his views. Based on the Elliott Wave Theory, Glover believes that Bitcoin may be in a correction phase after reaching its historical high. Although the price has corrected, it does not affect the overall upward trend of Bitcoin. According to the wave theory, once the correction wave is completed, the fifth wave is expected to push Bitcoin to about $92,000.
In addition, the first net inflow of Grayscale spot ETF also brought positive signals to the market. Although the net inflow of a single day is not enough to draw a clear conclusion, it at least shows that investors' confidence in the Bitcoin market is gradually recovering. At the same time, GBTC is usually considered one of the effective ways to short Bitcoin due to its high management fees, but this inflow of funds may indicate a rise in bullish sentiment in the market.
When Will Bitcoin Peak in This Accelerating Bull Run?
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Analysis by Rekt Capital provides us with some clues. They point out that compared with the traditional halving cycle, Bitcoin's current cycle has been significantly accelerated. However, this acceleration trend has not continued, and Bitcoin has been in a consolidation phase for the past two months, causing its acceleration advantage to gradually weaken. Therefore, Rekt
Capital expects the next bull market peak could occur between the end of November 2024 and the end of January 2025.
It is important to note that Bitcoin’s performance after breaking through its historical highs also shows a certain regularity. According to historical data, BTC prices tend to reach their bull market peaks within 266 to 315 days after breaking through these key points.
Therefore, since Bitcoin hits another all-time high in mid-March 2024, the next bull run peak could occur within this time frame.
However, market changes are full of uncertainty. Despite various analyses and predictions, the exact trend of Bitcoin still needs to be verified by the market.
