Bitcoin price reached its highest level of the year during the Asian session, leading to predictions by analysts that it could achieve a new all-time high (ATH). On November 29, Bitcoin hit its highest value in 18 months since May 2022, reaching the level of $38,350.
According to Bitcoin analyst CryptoCon, November 28 is the most important day of the year for Bitcoin. The analyst’s theory focuses on past cycles, particularly on November 28, 2012, the date of Bitcoin’s first halving.
Reviews show that each of the four-year phases of the Bitcoin market cycle was observed approximately 21 days before or after November 28. The analyst notes that the green accumulation period has ended and that the blue period is the expected next phase. In this ‘blue period,’ the price is generally expected to trade around $34,500.
The analyst expects an early peak around July 9, 2024, and then predicts reaching an all-time high at the end of the following year. Additionally, it is noted that any initial cross gain has provided at least a 34% profit before reaching the peak.
BTC prices are trading at $37,961, showing a 2.8% increase over the course of the day. Also, Bitcoin had previously reached $38,350, recording the highest level of the year in 2023. When we examine the market momentum, the current outlook seems positive for Bitcoin, which has shown an increase of 11% over the past month and 130% since the beginning of the year. Price movements are pushing Bitcoin’s market value just below its highest level in 2023, which is nearly $1.5 trillion.