According to a recent report by CCData, a digital asset data provider, the Bitcoin (BTC) price is likely to see a new all-time peak in 2024.
It noted that previous cycles featured a parabolic advance, a short period of extreme price appreciation, that is yet to occur this time around.
CCData's report claims that the current bull cycle could end up expanding into 2025.
There has been plenty of speculation about the interconnectedness of quadrennial block reward reduction events and Bitcoin's price performance.
Gamza KhanzadaevThis cycle is unusual due to the fact that Bitcoin broke a prior peak and reached its current all-time high of $73,737 before the halving event in April. It bucked the trend due to the introduction of several spot Bitcoin exchange-traded funds in early 2024 that caused a flurry of excitement within the investment space and broke multiple records.
Now, a plethora of analysts are busy speculating whether or not Bitcoin will still be able to reach a new peak this year after eclipsing the all-time high of the previous cycle in March. As reported by U.Today, commodity trader Peter Brandt has estimated that there is a 25% probability that the flagship cryptocurrency has already reached its apex before experiencing "exponential decay." For now, however, the consensus appears to be that Bitcoin will be able to reach a six-figure milestone this year or in 2025.
During the previous cycle, it took Bitcoin 547 days after the 2020 halving to reach its peak of roughly $69,000 before it entered a brutal bear market.
According to CCData, the current streak of boring range-bound price action is only temporary, and the leading cryptocurrency is still likely to surpass its March peak.
Arman Shirinyan
Dan Burgin