Bitcoin is currently trading at $68,042, and crypto market analysts are predicting that the price could reach six figures if historical market patterns repeat themselves. This week, Bitcoin broke out of its tight trading range and surpassed $71,000. Experts attribute this price spike to the strong demand for ETFs, which have seen approximately $1.2 billion in net inflows over the past seven days.
Market analysts are looking at previous market cycles to gauge where Bitcoin prices might go after breaking the previous all-time high. In the 2013 cycle, Bitcoin reached around $1,130 but didn’t surpass that level again until March 2017. In the following three months, the price of BTC doubled. Similarly, in 2017, Bitcoin broke its $20,000 all-time high in December, and within a month, the price doubled.
In 2021, Bitcoin hit $69,000, which was then surpassed in March 2024 when the coin traded above $73,000. Based on this analysis, if historical patterns hold true, Bitcoin prices could potentially double to around $140,000 in the coming months.
On May 23, “Alpha Analysis” provided a similar analysis, noting that in 2014 and 2017, there were multi-week corrections after new price peaks before new all-time highs were reached. Currently, Bitcoin markets seem to be mirroring this historic action, with the asset experiencing a 23% correction by May 2 but remaining range-bound since breaking the 2021 all-time high on March 12.
The demand for Bitcoin is expected to drive the bull run in 2024. CryptoQuant’s analysis shows that spot BTC ETFs have seen approximately $1.2 billion in net new inflows, indicating increased buyer interest in gaining exposure to the asset. This influx of capital has significantly boosted Bitcoin’s price.
While there are concerns about Bitcoin returning to consolidation, there are also emerging signs that the next major rally could begin sooner than expected. Glassnode analyst James Check points out that the market is still far from the euphoria phase of this bull cycle. The current global crypto market cap is $2.69 trillion, with BTC’s market cap at $1.34 trillion, representing a 49.99% market dominance.
Bitcoin’s price action suggests that it is building a base of support close to its November 2021 all-time high. A fall from the current price could see it drop to support at $67,000, while a move higher would encounter resistance at $71,000.
In contrast, Ethereum has held onto its recent gains and is currently trading at $3,802.53. The crypto community is eagerly awaiting the decision of the US Securities and Exchange Commission on whether to approve America’s first Spot Ethereum ETF.
In summary, Bitcoin prices are on the verge of reaching six figures, driven by the demand for ETFs. Historical market patterns suggest that BTC prices could double to around $140,000 in the next few months. However, the market is still not in the euphoric phase of the bull cycle, and there are no major positive economic factors that would push Bitcoin past $75,000. Ethereum is also making gains, and its future depends on the SEC’s decision regarding the Spot Ethereum ETF.
