Bitcoin’s 2024 bull run has largely been driven by institutional inflows, which could be the key to propelling the next phase of growth. Despite a recent correction that brought Bitcoin to five-month lows, the cryptocurrency’s rally might continue for another year.
According to a report by Bybit and BlockScholes, Bitcoin’s price could see further gains for the next 350 days, based on an analysis of its current trough–to–peak ratio. This metric examines the highs and lows of an asset’s price to forecast future trends. The report suggests that, based on previous cycles, Bitcoin’s current bull run could extend into the third quarter of 2025.
“With a current trough-to-peak ratio of 3.5x, significantly lower than the 20x observed in prior cycles, the report indicates that the rally may continue for another 350 days before potentially reaching new all-time highs.”
Bitcoin is currently in the process of recovering from a significant $510 billion crypto market sell-off. The cryptocurrency fell below a crucial post-halving growth trajectory when its price dipped under $63,000. However, if it can reclaim this trendline before the end of 2024, Bitcoin may still be on track to reach the $100,000 mark, following patterns observed in previous halving cycles.
Summary Review: Bitcoin’s current market dynamics suggest that its bull run could persist for another 350 days, driven largely by institutional investments. While the recent price correction has caused some concerns, historical patterns indicate that Bitcoin still has the potential to recover and reach new heights. If Bitcoin can regain its post-halving growth trajectory by the end of 2024, the cryptocurrency may be poised to hit significant milestones, including the highly anticipated $100,000 mark.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
