The start of 2024 brought renewed euphoria for Bitcoin (BTC) as the world’s premier cryptocurrency continued the late 2023 rally, saw the approval of the first-ever BTC exchange-traded funds (ETFs) in the U.S., and was heading toward another halving event.
The convergence of events spurred the coin toward highs not seen in years and led to expectations that upcoming developments – especially the now-passed April halving – would see Bitcoin finally rise to and above $100,000.
The most bullish hopes have, however, been somewhat betrayed as BTC saw its current yearly highs – just above $73,000 – in March. Trading has since been choppy but ultimately sideways.
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Still, looking at the coin’s historical performance, some silver lining presents itself. Indeed, though historical halvings have sent BTC rocketing to unprecedented highs, the going has also, for the most part, usually been slow.
When will Bitcoin see this cycle’s peak?
If Bitcoin continues trading as could be expected based on past performance, this cycle’s highs may not come, as crypto expert Ali Martinez on X pointed out, for another 400 or so days—approximately 530 days after the April halving.
This would mean the cryptocurrency’s next major all-time high (ATH) will be reached in early October 2025. Additionally, and again based on historical performance, said highs could see BTC rise to anywhere between approximately $300,000 and $6 million.
Still, given how high the price of Bitcoin has risen before the 2024 halving compared to where it stood prior to previous such events, a lower high could also reasonably be expected, despite what some of the biggest bulls, such as Robert Kiyosaki, have predicted.
What is next for Bitcoin price?
In the more near term, there are several indicators that Bitcoin is in a phase of steady growth without much deviation on a daily basis.
The Bitcoin Rainbow Chart – a tool that utilizes a logarithmic growth curve and describes investor sentiment at various price levels – estimates BTC is relatively cheap compared to its likely upcoming upside but also in an accumulation phase.
A similar opinion was also recently expressed by the analyst known by the pseudonym Stockmoney Lizards, who believes the coin is now bound for a period of slow and steady growth.
Finally, Bitcoin’s recent bigger moves, as indicated by technical analysis (TA) and subsequently frequently confirmed through price fluctuations, have been comparatively small and confined to no more than a few thousand dollars.
For example, BTC’s latest larger moves – on August 20 and 21 – saw the coin climb to about $60,000, only to fall to approximately $58,000 and then climb to Bitcoin price today of $59,337.
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