Historically, Bitcoin (BTC) has soared to all-time highs every four years. Typically, this happened in the year following the halving. However, an experienced trader believes it could be different this time.
On April 6, Peter Brandt wrote on Twitter that the next bull market probably won’t happen until 2024. During this time, a horizontal pattern will dominate the Bitcoin chart. It is worth noting that May 2024 is the date when the next Halving event will take place.
“The last two times that Bitcoin has appreciated 10x or more, it took 33 months for the next bullish leg to begin. If history repeats itself, the next launch will begin in May 2024.”
Last year, Bitcoin rallied above $60,000 accompanied by an unprecedented rally. But in the fourth quarter, the cryptocurrency started to decline and eventually lost most of its value. 2021 was the year following the 2020 May Halving. Therefore, a debate arose about the reliability of the four-year pattern.
Will Bitcoin restart its bull run in 2024?
As a reminder, many analysts, including the famous PlanB, had predicted a top of $100,000 in 2021. However, his predictions did not come true. Meanwhile, many different factors have influenced the movement of cryptocurrency prices. These events have increased the unpredictability of Bitcoin and with it the rest of the cryptocurrency market. The outcome is uncertain for now: will the bulls or the bears prevail in Bitcoin?
However, provided by Brandt your graph As it shows, 2024 could be a year when the boom will re-emerge. Interestingly, this coincides with the halving event, which should take place around May 8. Brandt’s predictions are based on historical trends that go beyond halving cycles.
What do other analysts think?
Market analyst Willy Woo takes a different view, believing that Bitcoin is already in a bull market. Woo quotes Glassnode’s data showing high investor demand:
heatmap of #Bitcoin investor demand.
Uses algorithmic signal processing of on-chain data provided by @glassnode.
We are in a bull market, many don’t know this yet. pic.twitter.com/KZHT8v40dL
— Willy Woo (@woonomic) April 5, 2022
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.