A widely followed crypto analyst says he has pinpointed when Bitcoin (BTC) could reach its cycle high if history were to repeat itself.
In a new strategy session, crypto trader Rekt Capital tells Its 481,200 followers on the social media platform
“In the 2015-2017 cycle, Bitcoin peaked 518 days after the halving. In the 2019-2021 cycle, Bitcoin peaked 546 days after the halving.
If history repeats itself and the next bull market peak occurs 518-546 days after the halving… That would mean that Bitcoin in this cycle could peak in mid-September or mid-October 2025.”
However, Rekt Capital notes that due to the latest crypto market crash, the crypto king’s acceleration has dropped drastically.
“Earlier this year, Bitcoin accelerated in this cycle by 260 days. Currently, however, thanks to this three-month consolidation, this rate of acceleration has dropped dramatically and is now around 150 days.
The longer Bitcoin consolidates after the halving, the better it will be to re-sync this current cycle with the traditional halving cycle.”
The trader then claims that BTC has probably bottomed out to compare all BTC withdrawals since February 2023.
“Here is a list of all Bitcoin pullbacks dating back to the 2022 bear market bottom:
- -23% (February 2023).
- -21% (April/May 2023).
- -22% (July/September 2023).
- -21% (January 2024).
- -23.6% (April/May 2024).
- -21% so far (June 2024) The average bounce in this cycle is -22%.
Therefore, this current setback is almost a correction of -22% on average.”
Bitcoin is trading at $56,521 at the time of writing, down 2.6% over the past 24 hours.
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Generated image: Midjourney