dailyhodl.com
A closely followed analyst is predicting when Bitcoin (BTC) will reach its peak in the ongoing bull market cycle.
In a new video update on YouTube, pseudonymous analyst Rekt Capital tells his 64,600 subscribers that based on historic precedence Bitcoin could hit a current cycle peak in late 2024 or early 2025.
“If we were to look at history repeating, it comes down to a range of 266 days to 315 days, which means that we could peak in late November 2024 or late January 2025.”
However, the trader also says that the cycle may lengthen in duration since historically every cycle has gotten longer.
“We have to take into account that maybe there is some lengthening in the amount of days spent beyond the old all-time highs before the bull market peaking for that final time before entering a macro bear market. And it’s really important to understand the lengthening here because this is a lengthening of two weeks from here [2014] to here [2018]. [2022 compared to 2018] is a lengthening of just over a month.
So are we lengthening by two weeks in this current cycle or are we lengthening by just over a month? Or are we lengthening by just over a month plus two weeks? So that really does push this potential bull market peak then maybe into February, maybe even into March, at the latest April.”
The trader also notes that the current cycle appears faster than the prior ones, having hit all-time high (ATH) prices before the halving event when miners’ rewards are cut in half. In prior cycles, the ATH was hit after the halving event. He believes the pace may factor into when the peak is hit along with the cycle lasting longer than prior ones.
“So at least quarter one in 2025 is that moment where Bitcoin could bull market peak based on this chart.”
Bitcoin is trading for $73,233 at time of writing, up nearly 3% in the last 24 hours.
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