Host of the popular YouTube channel InvestAnswers, bitcoin priceHe predicts that the market could reach an all-time high in the next 18 months. This corresponds to the average of June 2024. But is this rise really possible? Here are the details that the analyst drew attention to.
The crypto trader’s prediction for Bitcoin price is based on the average time it took in previous cycles for it to recover and then crash after hitting all-time highs. Using this timeline, it shows that there are 415 days left for BTC to hit its all-time high during its current cycle.
Trader also in previous cycles bitcoin warned that there will be price volatility before the next all-time high as it retests the lows.
…What’s interesting is, if you look at where we are right now, that yellow line, we’re in 545 days. And if you average the previous three cycles, we have about 415 days to hit a new all-time high – if history repeats itself and those averages work, that’s no guarantee…
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According to the trader, Bitcoin is performing stronger in the current cycle compared to its predecessors.
But this time I see a lot of things that are different. First, we’re rising faster. Bitcoin is performing faster. Second, we have a lot of headwinds, yes. But we also have other headwinds, like the banking crisis, that make people understand what the holding value is. So this can be exciting. And of course 415 days to an all-time high, June 27, 2024 by my calculations, a little over a year later.
You can follow the current price action here.