Cryptocurrency analysts are closely watching Bitcoin’s price movements and cycle patterns to try to pinpoint when the current bull market could reach its peak. One closely followed analyst, Rekt Capital, has analyzed Bitcoin’s historical trends to make a projection.
According to Rekt Capital, BTC tends to hit its bull market top between 266 to 315 days after breaking its previous all-time high price level. Bitcoin just broke its old all-time highs last week when it surpassed $30,000.
Using the 266 to 315-day range, Rekt Capital calculates that the next Bitcoin bull market peak could occur anywhere from very late November 2024 to very late January 2025.
However, the analyst notes that the length of Bitcoin’s bull market rallies beyond old all-time highs has been increasing with each cycle. In 2013, BTC rallied for 268 days before topping out. In 2017, this extended to 280 days, increasing by 14 days compared to 2013. And in 2021, Bitcoin kept rallying for 315 days, 35 days longer than in 2017.
If this trend of lengthening bull markets continues in the current cycle, Rekt Capital estimates Bitcoin’s price could keep surging from 280 days up to 350 days after clearing old highs. That could push the potential peak out to as late as mid-December 2024 or even mid-February 2025.
Bitcoin’s Behavior Ahead Of Halving Events
The analyst also points to another potential signpost – BTC’s behavior ahead of the halving events that periodically cut the supply of newly mined BTC. In 2016, BTC retraced around 28 days before the halving. This cycle, it retraced about 32 days prior, producing a long downside price wick reminiscent of 2016.
For the bull run to sustain, Bitcoin will need to maintain its current highs and not see a prolonged selloff mirroring the 2016 pattern where initial strength was short-lived after the pre-halving retrace.
With several more months likely remaining in this cryptocurrency bull cycle based on Rekt Capital’s analysis, BTC traders and investors will be watching closely for the peak which could still be over a year away. Pinpointing the top is extremely difficult but analyzing past cycles provides some potential guideposts.
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