In 2022, the effects of the crypto winter were fully felt, and it was a gloomy year for cryptocurrencies, with events like the collapse of giants like FTX. Moreover, at the beginning of this year, there was no indication that the weather could change. Especially with the collapse of banks like Silvergate Bank in the US and the fear of the crypto market being left without banking, the market was once again shaken. However, with positive developments over the days, the crypto market started to rise, showing its strength after the rise in Bitcoin (BTC) and altcoins, and some market observers started to express their opinions that the largest cryptocurrency will reach its peak again in 2024.
Analyst: Bitcoin’s Peak Won’t Be Seen Before 2025
The most important driving force behind the overall rise of the cryptocurrency market since the beginning of the year was the application of financial giants like BlackRock to the US Securities and Exchange Commission (SEC) for a spot Bitcoin ETF. Bitcoin, which has been steadily rising for most of the year, is attracting attention with its impressive rise in recent months with the power it gained from all these developments. Despite the strong upward trend, some analysts do not expect the bull run to reach its peak in 2024.
Considering Bitcoin’s historical performance and various factors, it will continue to rally throughout next year and most likely in a large part of 2025. According to the experienced cryptocurrency analyst Rekt Capital, the peak in Bitcoin will be seen 530 days later:
If history repeats, the next bull market peak can occur within 518-546 days after the block reward halving. This means that the peak can be seen in mid-September or mid-October 2025.
Bitcoin Rally Continues at Full Speed
Many market analysts and observers, such as Rekt Capital, who suggest that the next bull market peak can be seen in 2025 within 518-546 days after the block reward halving, expect Bitcoin to make a strong breakout with the support of numerous factors. The biggest and most recent supporter of this strong breakout is the fact that the first spot Bitcoin ETF in the US will be approved until February 2024.
As it is known, the crypto market has been waiting for such an ETF for a long time. SEC has avoided approving such an ETF by postponing the applications of many companies and rejecting the applications of companies like Ark, 21Shares, Wisdom Tree, and many others. However, experts now evaluate that the end of this period has come and that the first spot Bitcoin ETF in the US will be approved soon, most likely between January 5th and January 10th, 2024.
Along with the expectation of approval for an ETF, the crypto market and especially the stock market in the technology sector are currently in the middle of a major rally. Bitcoin has proven to be a significant beneficiary of this trend, and all signs indicate that the bull run will continue.