Bitcoin Set to Reach ATH by June 2024 – InvestAnswers
A crypto strategist with a large following has made a prediction about the future of Bitcoin (BTC) that suggests it could reach an unprecedented peak within the next 18 months.
The anonymous host of InvestAnswers believes that Bitcoin has the potential to achieve a new record high in June 2024.
To arrive at this estimation, the crypto trader examined the timeframes of previous cycles in which Bitcoin experienced a surge followed by a collapse before recovering. Based on historical patterns, he anticipates that Bitcoin will require approximately 415 days to reach a new all-time high during its current cycle.
However, the trader also cautions about the likelihood of price fluctuations before the next all-time high, citing past instances where Bitcoin revisited its lows during similar cycles.
He highlights that the last two Bitcoin cycles each took around three years to return to their previous all-time highs. As we are midway through that period, he suggests that preparing for a similar scenario would be wise, particularly given the prevailing macroeconomic challenges.
The trader points out an interesting observation regarding the present timeframe, indicating that we are at the 545-day mark. By averaging the durations of the three previous cycles, he determines that there are approximately 415 days remaining until a new all-time high may be reached.
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However, he emphasizes that these projections are based on historical averages and do not guarantee the same outcome this time around.
Furthermore, the trader notes that Bitcoin performs better in the current cycle than the previous ones. He highlights the accelerated upward trajectory of Bitcoin and the increasing awareness among people about its potential as a store of value, particularly in light of the banking crisis. These factors make the current situation more exciting, and he anticipates that the new all-time high could be achieved in just over a year by June 27, 2024.
At the time of writing, Bitcoin is trading at $27,729, indicating a 0.5% decline in value over the past 24 hours.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
