Cryptocurrency analyst Mikybull Crypto has made waves in the crypto community by suggesting that Bitcoin is on track to reach a new all-time high (ATH) in either August or October of 2024. The analyst’s predictions are based on examining historical price actions and key indicators.
Analyzing the time it took for Bitcoin to hit new ATHs in the past, Mikybull Crypto pointed out that it took 39 months for BTC to reach a new ATH in 2017 and 36 months for the same milestone in 2020. Using this historical data, the analyst projected that the next ATH.
One notable correlation highlighted by Mikybull Crypto is the alignment of the global liquidity cycle with Bitcoin’s halving cycle. The analyst observed that global liquidity bottomed in September 2022, closely followed by Bitcoin’s bottom in November 2022, indicating a strong correlation between the two events. This alignment is seen as a positive signal for Bitcoin’s future performance.
In the short term, Mikybull Crypto anticipates BTC heading towards the resistance level of $44,000. This move could potentially lead to a macro correction before BTC resumes its upward trajectory toward a new ATH. The analyst emphasizes that a weekly close above the $44,000 resistance level would signal the continuation of the uptrend.
Bitcoin Market Psychology: Navigating The HSPD Cycle
Adding to the discussion, renowned trader Peter Brandt took to X to share his perspective on Bitcoin’s current price behavior. Brandt noted the return of the “Hump with a Slump, then a Pump and a Dump” pattern, suggesting that this cyclical behavior is essential for maintaining a healthy bull trend. According to Brandt, past major bull runs in BTC were characterized by this pattern, where FOMO-driven purchases during the Pump phase were followed by a subsequent Dump.
Brandt referred to this pattern as HSPD (Hump…Slump…Pump…Dump) and expressed curiosity about whether it would work its magic once again in the current market conditions. The trader’s observations serve as a reminder of the cyclicality and psychological factors influencing cryptocurrency markets.
However, the intersection of historical data, global liquidity cycles, and the intriguing HSPD pattern adds an extra layer of anticipation to the evolving narrative of Bitcoin’s journey to a new all-time high in 2024.
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