In a new surge of optimism, a highly-regarded crypto analyst predicts a significant upswing for Bitcoin, potentially setting a new all-time high within the next year and a half.
As reported by The Daily Hodl, in a video update published earlier this week, James Mullarney, the host of the YouTube channel “InvestAnswers,” told the channel’s over 443K subscribers that the Bitcoin price could reach a record high by June 2024.
his estimate is derived from a thorough analysis of Bitcoin’s historical performance. The host has examined the timeline of past Bitcoin cycles, noting the average time it took for Bitcoin to rebound after plummeting from a peak. Based on the current cycle’s positioning, the strategist believes we are around 415 days away from a new all-time high.
However, the host has also highlighted the likelihood of price fluctuations before Bitcoin reaches this potential new peak. This expectation is rooted in Bitcoin’s behavior during previous cycles, which often included a retesting of lows. The host has urged viewers to be prepared for a similar scenario in the current cycle, particularly in light of the existing macroeconomic challenges.
Yet, despite these anticipated fluctuations, the host has noted that Bitcoin seems to be performing more robustly in this cycle compared to previous ones. The host mentioned two key differences: Bitcoin’s faster growth and the presence of certain influential factors. Despite the headwinds, the strategist sees tailwinds, such as the banking crisis, which may bolster understanding and appreciation of Bitcoin’s value as a store of value.
At the time of the report, Bitcoin was trading at $26,614, down 3.14% in the past 24 hours.