Past Bitcoin (BTC) market cycles provide significant insights into potential future price movements after surpassing previous all-time highs. These cycles suggest that the crypto king could potentially double its value in the short term.
$140,000 on the Table
In the 2013 cycle, Bitcoin’s price peaked around $1,130, failing to break this level until March 2017, and doubled its value within the following three months. Similarly, after surpassing the 2017 all-time high of $20,000 in December 2020, BTC‘s price doubled within a month. Considering that the all-time high of $69,000 in 2021 was surpassed in March, historical patterns suggest the price could potentially double to around $140,000 in the coming months.
Crypto analyst Alpha Analysis recently noted that past cycles included multi-week corrections after new price peaks and before subsequent parabolic rises. Bitcoin’s current market behavior, reflecting a 23% correction by May 2 and largely range-bound trading since surpassing the 2021 high on March 12, seems to mirror this pattern.
Analyst Will Woo reiterated this view, emphasizing the quiet accumulation of BTC and predicting an inevitable rise surpassing all-time highs.
Glassnode analyst James Check added that the market has not yet entered the true hype phase of the bull cycle, suggesting that current sentiment is between hype and excitement. This indicates potential for further upward movement as market hype conditions approach.
Current State of Bitcoin
Currently, Bitcoin is trading around its all-time high from November 2021, forming a bottom. The crypto king is trading at $69,500, with a slight 0.5% decrease in the last 24 hours. A decline could find support at $67,000, while a rise might face resistance at $71,000.
The crypto world is currently awaiting the U.S. Securities and Exchange Commission’s (SEC) decision on the first spot Ethereum ETF, with altcoin king ETH showing strength. ETH is trading at $3,776 at the time of writing.
