Crypto analyst David shared an interesting historical perspective on potential peak price levels for bitcoin in the current cycle. Based on past market cycles, he believes bitcoin should top out somewhere between $46,700 and $52,000 before entering a prolonged correction until at least Q4 2024. This would align with bitcoin’s halving-driven four-year boom-bust cycles.
However, David notes there is a scenario where bitcoin could experience a parabolic “2020-type” run from current levels. This would result in new all-time highs before April 2024’s halving event, which has never occurred before in bitcoin’s history.
The catalyst for this unprecedented price action could come from the approval of a bitcoin ETF in the US. Unlike the “sell-the-news” reaction bitcoin has faced after certain major adoption milestones, like El Salvador making BTC legal tender, an ETF green light may spark intense FOMO and capital inflows.
While historically, David expects bitcoin to peak around $47,000–$52,000 based on past market cycles, he contends uncharted parabolic upside could manifest if a perfect storm of positive developments stokes extreme bullish hysteria through next year’s halving.
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Show more +This remains a relatively low-probability outcome, but it shows how unique dynamics could push bitcoin outside the bounds of its habitual four-year boom-bust patterns.
David’s analysis highlights how bitcoin could make history again if the stars align for a momentous cycle like no other.
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