Bitcoin is anticipated to surpass its previous all-time high as it continues its upward trajectory, according to a research report from CCData.
After reaching an all-time peak exceeding $73,700 in March this year, Bitcoin has maintained a trading range between approximately $59,000 and $72,000. The surge to the record high earlier in the year was primarily fueled by the introduction and approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S. in January, resulting in net inflows of about $14.41 billion, according to CCData.
The report analyzed historical price trends of Bitcoin and highlighted the potential for new highs, attributing previous price expansions to the halving event. Each halving cycle, which has extended in duration over time due to the asset class’s development and reduced volatility, typically leads to a peak after 366 to 548 days.
With the most recent halving occurring on April 19 this year, CCData suggests that the prevailing cycle could potentially extend into 2025, considering the observed decline in trading activity on centralized exchanges post-halving in previous cycles.
