Bitcoin could reach new all-time highs by June 2024 if historical price patterns hold true, according to network economist Timothy Peterson. Based on data shared on March 15, BTC/USD has about two-and-a-half months to surpass its previous peak of $109,000.
Potential 50% Price Surge in April
Bitcoin’s price has recently undergone a 30% decline after peaking in mid-January. While this drop may seem concerning, Peterson believes it aligns with typical bull market corrections and suggests a potential rebound is on the horizon.
“Bitcoin is trading near the low end of its historical seasonal range,” Peterson noted, referencing a chart that compares Bitcoin’s price cycles. “Nearly all of Bitcoin’s annual performance occurs in two months: April and October. It is entirely possible Bitcoin could reach a new all-time high before June.”
Peterson has developed various Bitcoin price metrics over the years, including the Lowest Price Forward model, which identifies price levels that Bitcoin historically does not fall below after surpassing them.
After Bitcoin’s recovery from multi-year lows in March 2020, the Lowest Price Forward model predicted that BTC would never drop below $10,000 again from September onward. This year, Peterson has identified $69,000 as a new likely floor level, with a 95% probability of holding.
$126,000 Target by June 1
Peterson’s analysis further suggests that Bitcoin could reach a median target of $126,000 by June 1. His charted projections indicate that Bitcoin’s average time below trend in a bull market is roughly four months, reinforcing the idea that recent sluggish performance is only temporary.
“The red dotted trend line = $126,000 on June 1,” Peterson emphasized, pointing to a Bitcoin price growth comparison that illustrates how past cycles have played out.
Market Analysts Remain Optimistic
Despite Bitcoin’s recent dip to $76,000, many analysts view it as a standard correction within a larger bull market cycle. Popular crypto trader Rekt Capital highlighted that such pullbacks are routine and necessary parts of Bitcoin’s long-term growth.
“You don’t have to look at the previous BTC bull runs to understand that corrections are a part of the cycle,” Rekt Capital stated in a recent analysis.
Since the start of 2023, Bitcoin has already experienced five major pullbacks, which analysts view as natural pauses before the next leg of upward momentum.
Similarly, analysts at crypto exchange Bitfinex noted that the recent price lows should be seen as a temporary “shakeout” rather than an indication of the bull market ending.
As Bitcoin continues to navigate market fluctuations, traders remain focused on key price levels and historical patterns, which suggest that the asset could still see significant gains in the months ahead.