Historical data on Bitcoin‘s (BTC) market cycles offers valuable insights into its potential future price movements, especially after surpassing previous all-time highs. These patterns suggest that Bitcoin could potentially double its value in the near term.
What Do Past Cycles Indicate?
In the 2013 cycle, Bitcoin’s price peaked at approximately $1,130. After failing to break this level until March 2017, BTC doubled its value within three months. Similarly, after surpassing the 2017 all-time high of $20,000 in December 2020, BTC’s price doubled within a month. Considering Bitcoin surpassed its 2021 all-time high of $69,000 in March, historical patterns imply the price could rise to around $140,000 shortly.
What Are Analysts Saying?
Crypto analyst Alpha Analysis recently highlighted that past cycles included multi-week corrections after new peaks, followed by significant increases. Bitcoin’s current market behavior—reflecting a 23% correction by May 2 and range-bound trading since surpassing the 2021 high—mirrors this pattern. Analyst Will Woo believes the quiet accumulation of BTC will lead to a price surge, surpassing previous highs.
Glassnode analyst James Check indicated that the market hasn’t yet reached the true hype phase of the bull cycle, suggesting further upward movement as sentiment shifts from excitement to full-blown hype.
Key Takeaways for Investors
Here are some actionable insights for investors:
- Monitor historical price patterns to gauge potential future movements.
- Pay attention to market corrections as indicators for subsequent price increases.
- Observe analyst comments on market sentiment and accumulation trends.
- Consider potential support and resistance levels in trading decisions.
Currently, Bitcoin is trading near its all-time high from November 2021, around $69,500, with slight fluctuations. Potential support lies at $67,000, while resistance could be encountered at $71,000. The crypto world is also closely watching the SEC’s decision on the first spot Ethereum ETF, with ETH showing strength at $3,776.