Last year, 2022, was grim for cryptocurrencies with the ‘crypto winter’ in full swing and with events like the collapse of giants such as FTX shaking the industry.
Early 2023 didn’t look much better with fears of crypto getting ‘debanked’ amidst the collapse of companies like Silvergate Bank, the years appear to have demonstrated something entirely different – the industry’s resilience.
At the forefront of this case is the world’s best-known and largest cryptocurrency – Bitcoin (BTC). BTC has been on a steady rise through much of the year and has experienced an impressive surge in recent weeks. Despite this trend, some believe that the cryptocurrency’s bull run will not peak in 2024.
Picks for you
Bitcoin will, due to a variety of factors and judging by its historical performance, continue rallying throughout the upcoming year – and throughout much of 2025 – and only peak in about 530 days, per an X post by the cryptocurrency analyst Rekt Capital:
If history repeats…
Next Bull Market peak may occur 518-546 days after the Halving
That’s mid-September or mid-October 2025
What is sustaining the BTC rally?
There are multiple factors that point toward a sustained Bitcoin rally that go far beyond its historic post-halving performance. Perhaps the most imminent is the possible approval of a spot BTC exchange-traded fund (ETF) in the U.S.
Such an ETF has proved very elusive for a long time, with the SEC, so far, repeatedly postponing its decisions on the matter before denying the applications made by numerous companies such as Cathie Wood’s Ark, 21Shares, Wisdom Tree, and many others.
Many investors, analysts, and experts believe, however, that this era is near its end and that the approval of a spot Bitcoin ETF is imminent and likely to occur sometime between January 5 and January 10.
Along with the expectations of an ETF, the crypto market – and the stock market, particularly in the technology sector – is currently in the midst of a major rally. With its prominent position, Bitcoin has already proven a significant beneficiary of the trend making its continued rise – assuming the overall bull run continues – highly likely.
Finally, while past performance is no guarantee of future success, previous halvings have, as Rekt Capital stated, led to significant and protracted price jumps for the world’s most famous cryptocurrency.
BTC price analysis
While nobody can tell for certain if a bull run will continue long-term – let alone how long exactly it will last – Bitcoin has, without a doubt, had a stellar year so far. The world’s foremost cryptocurrency is up 149,72% from its January 1 price of $16,605 by the time of writing.
The most recent weeks have also been some of the most impressive this year. In the last 30 days, BTC rose more than 18%, and in the last week alone, it is 9.62% in the green. On December 4, Bitcoin even briefly climbed above $42,000 and is worth $41,601 at the time of publication.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
