Popular cryptocurrency analyst, InvestAnswers, has predicted that Bitcoin could reach a new record high in terms of price in the next 18 months, based on historical data.
In his estimate, which he analyzed on his YouTube channel which has 442,000 subscribers, Bitcoin could reach a new record high in June 2024.
How his estimations came about
InvestAnswers says his estimate is based on the average time it took during previous cycles for Bitcoin to recover after reaching record highs and then falling.
Using this timeline, he notes that there are 415 days before Bitcoin reaches a new all-time high in its current cycle.
Fluctuations along the way
He also warns of price volatility before the next all-time high, as during previous cycles Bitcoin has shown significant fluctuations.
“The last two cycles of Bitcoin took about three years to return to the previous all-time highs, which is not bad. Currently, we are halfway through that period. Both previous cycles saw price action with fluctuations at market lows and therefore it is best to prepare for a similar scenario, especially considering the current macro headwinds.
What’s really interesting is that if you look at where we are now, that yellow line, we’re at 545 days. And if you take the average of all three of these previous cycles, we have about 415 days to get to a new all-time high if history repeats itself and if those averages work, which is certainly not a guarantee.”
Stronger this cycle
According to the analyst, Bitcoin is performing stronger during the current cycle, compared to previous ones.
“I see a lot of things that are different this time around. First, we’re going higher, faster. Bitcoin is performing faster. Number two, we have a lot of headwinds. But we have other winds, like the banking crisis, that are really making people realize its value. So this could be exciting. And of course 415 days for a new all-time high would be June 27, 2024, by my calculations, a little over a year from now.”
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