Bitcoin could have only a few months of expanding the price left in the cycle, especially if it followed the same historical pattern from 2020, a crypto analyst warned.
“We have a very small sliver of time and extension of the price left,” Crypto analyst rekt capital Says In a video on Thursday, which basis his forecast on how bitcoin (Btc) Rally played five years ago.
Bitcoin Bull Market may disappear after October
Rect explained that if the Bitcoin cycle complies with the 2020 pattern, the market is likely to peak in October, 550 days after dividing Bitcoin in April 2024.
“It was two to three months of potentially we were left in this Bull Market,” Reks said.
Rect acknowledged that many market participants ignored the halving cycle and predicts a possible “cycle extension” that lasts until 2026.
“Many people enjoy throwing out the principles tested outside the window, while it is really important to rely on these types of metrics because they will never fall as if everyone throws you out of the window.”
He said they were removing the halving cycle measurement to “chase a new narrative,” just as bitcoin’s contact with a global M2 currency supply.
This past Wednesday, Crypto analyst said Crypto Auris“As the global currency supply expands, Bitcoin’s next target is sitting around ~ $ 170K, following the flow.”
At the time of publication, Bitcoin traded at $ 109,155, 2.5% just below $ 111,970 all-time high, According to In CoinMarketCap data.
Rekt Capital says chase after Bitcoin’s new metrics are “an emotional thing”
Rect said looking at new metrics is a fantasy reaction. “It’s also an emotional thing, and you don’t want the emotional things that enter into your discretion,” he said.
However, many Crypto analysts believe that the typical Bitcoin Halt cycle is less reliable today, given the promotion of the institutional adoption of Bitcoin, which is not present in previous cycles.
Related: Bitcoin price holds range but requires fresh demand higher
On Thursday, the standard chartered digital Research leader Geoff Kendrick said“Thanks to the increased investor flow, we believe the BTC has moved beyond the previous dynamic where prices have dropped by 18 months after a ‘halving’ cycle.”
In May, Bitcoin’s Standard Chartered Up to $ 200,000 in the end During the year, a forecast was also made by firm management firm Bernstein. Both are below Bitmex co-founder Arthur Hayes’ more bullish $ 250,000 target end of the year.
Magazine: Arthur Hayes does not care when his Bitcoin predictions are quite wrong
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