There has been a lot of buzz about the Bitcoin market over the last few months. The recent price upswing to a new all-time high (ATH) has fueled the notion that the top coin is on course to set new records. That, coupled with the upcoming Bitcoin halving expected to occur within the next few weeks, has steamrolled Bitcoin’s market dynamics.
Last month, Bitcoin shot up to set a new ATH at just over $73,700 before pulling back a little to settle within the current range of $65k – $66k. Interestingly, BTC might be following a historical trend that could put the price at upwards of $230,000 within the next 4 months.
What Happened In 2020?
Back in early 2020, Bitcoin was preparing for the then-halving event. It happened in May (2020). That year, the coin achieved a new ATH in price of over $24,200, and something curious happened immediately. Within 4 months, it mounted a strong bull run that increased the price by over 250%.
It’s worth remembering that the last bull cycle put the coin’s price at around $69k. That was the highest price for Bitcoin during that cycle. Analysts and enthusiasts now believe that something similar is also brewing this cycle.
Bitcoin Price Action In 2024
As mentioned, there seems to be an increasingly optimistic notion that BTC could mount a 2024 bull run similar to what happened in 2020. First, Bitcoin has already set a new ATH price over the last few weeks. While the price has contracted a little currently, the anticipated halving is still fueling a serious positive sentiment that could quickly morph into demand and buying pressure. Currently, Bitcoin is trading at $66,389, with a market cap of around $1.3 trillion.
If Bitcoin follows an established trend, there is no telling how fast its market dynamics could act to fuel a steady (or even a sharp) price movement. If there is, such movement could be expected to start manifesting sometime after the halving. Considering the 2020 price action, the next 4 to 6 months could be critical for BTC. Still, it’s worth noting that the crypto market is volatile, and anything could happen.
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