Analyst Shares Time Frame When Bitcoin Should Create An All-Time High, Highlights When BTC Pre-Halving Rally Will End
Over the past few weeks, Bitcoin (BTC) has seen bullish momentum return following an extended period of rangebound price action. Analyst interpretations of key technical levels suggest further upside remains likely in the coming months as the next halving approaches.
What you'll learn 👉
Key Resistance Break Hints at History Repeating
Per analyst MilkyBull Crypto, Bitcoin recently closed above a critical cyclical resistance level for the first time prior to a halving event. Notably, similar resistance breaks in 2016 and 2020 preceded major bull runs over the following year. After 63 and 49 days, respectively, of those breakouts, new all-time highs were reached.
If historical patterns repeat, MilkyBull expects Bitcoin to once again print fresh highs by April 2024. Other experts share the view that previous market cycles provide a roadmap for where BTC heads next.
Overbought Conditions Usually Mark Start of Epic Bull Runs
According to analytics shared by trader Jelle, Bitcoin’s weekly relative strength index (RSI) now sits above 70. As he notes, such overbought readings marked the early stages of crypto’s most lucrative bull markets historically. If those precedents hold, significant additional upside could just be getting started.
Notcoin airdrop on Telegram made millions to people. Don’t miss out on the next TG airdrop by the same team – Dogs on Ton!
Show more +Popular analyst Michaël van de Poppe concurs on Bitcoin’s positive momentum. However, he believes a brief pullback may hit in the near-term before BTC pushes toward $54-58K. Upon reaching those interim target levels, de Poppe expects the current pre-halving run to conclude.
New All-Time High Likely by May per Historical Tendencies
Veteran analyst Kevin Cage highlights Bitcoin decisively moving past the 50% retracement of its recent bear market. On the three previous major Bitcoin cycles, closing a full weekly candle above this level kicked off the final leg higher to new all-time price highs.
During those historic occasions, fresh highs emerged over stretches of 28–98 days post-breakout. Applying this range to the current market environment, Cage assesses a likely timeframe of March 18th to May 27th, 2024, for Bitcoin’s next record peak.
With blockchain activity, institutional adoption, and developer sentiment remaining strong, most experts agree Bitcoin’s long-term outlook looks bright. If key upside triggers like the impending halving play out similarly to past cycles, renewed exuberance around crypto may lift Bitcoin and the broader digital asset market back toward record valuations by mid-2024.
Still, unforeseen regulatory pressure or macroeconomic instability leading into the U.S. presidential election could weigh on investor appetite. But for long-term focused bulls, recent price action provides another validation point for Bitcoin’s status as digital gold.
You may also be interested in:
- Top Analyst Says Bitcoin (BTC) at $30k is Now ‘Less Likely’ – But There’s a Catch
- Can Surging Shibarium Activity Push Shiba Inu ($SHIB) Price Past Crucial Barrier?
- 40x Seemingly Possible as ‘Under-Valued’ Kelexo (KLXO) Lending Phenomenon Secures More Solana (SOL) & Bitcoin Cash (BCH) Investment
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
eToro offers staking for certain popular cryptocurrencies like ETH, ADA, XTZ etc.
