The world’s largest cryptocurrency Bitcoin (BTC) rallied all the way past $70,000 on Friday hitting its new all-time high. Bitcoin has been on an unstoppable journey over the last month with net inflows skyrocketing in the newly launched spot ETFs.
Bitcoin (BTC) Price Bull Run
Renowned crypto analyst Ali Martinez has unveiled insights into Bitcoin’s market trajectory, drawing from historical patterns to forecast the timing of the next market peak.
According to Martinez, Bitcoin has exhibited a consistent trend in past cycles, taking approximately 8 to 11 months from surpassing its previous all-time highs to reach a market top. With Bitcoin currently surging to unprecedented highs, Martinez’s analysis further suggests that the next peak in the Bitcoin market could occur between November 2024 and February 2025.
What Happens to BTC Next After $70,000?
As the Bitcoin price challenges its previous all-time highs, it continues to face rejection as soon as it enters the new discovery phase. After hitting a new all-time high of $70,000, the BTC price has retraced partially and currently trading at $68,423 levels with a market cap of $1.350 trillion.
One of the biggest doubts within the community is whether fresh investments could be made at this point in time. Bitcoin has given a strong run-up ahead of its next halving, a month from now. Some investors speculate that the BTC price could rally to $100,000 around the halving time.
On-chain data provider Santiment explains that Bitcoin has surged to a new all-time high, hitting a remarkable market value of $70,199. Despite this significant milestone, traders are showing signs of both exhaustion and distraction towards alternative coins aka altcoins.
Currently, discussions regarding $BTC compared to other assets stand at a healthy 27.5%, indicating a balanced sentiment. However, it falls short of the overwhelming enthusiasm observed when Bitcoin surpassed $60K just nine days ago—an encouraging sign as excessive FOMO and greed often precede market corrections.
Furthermore, the Mean Dollar Invested Age metric reveals a rapid movement of previously inactive coins back into circulation, a common phenomenon seen in bull markets. Until sentiments of widespread excitement and coin dormancy resurface within the Bitcoin network, the potential for further market cap growth remains promising.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
