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Bitcoin (BTC) Price Likely to Hit New ATH in 2024: Report

According to a recent report by CCData, a digital asset data provider, the Bitcoin (BTC) price is likely to see a new all-time peak in 2024. 

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It noted that previous cycles featured a parabolic advance, a short period of extreme price appreciation, that is yet to occur this time around. 

CCData’s report claims that the current bull cycle could end up expanding into 2025. 

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There has been plenty of speculation about the interconnectedness of quadrennial block reward reduction events and Bitcoin’s price performance. 

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This cycle is unusual due to the fact that Bitcoin broke a prior peak and reached its current all-time high of $73,737 before the halving event in April. It bucked the trend due to the introduction of several spot Bitcoin exchange-traded funds in early 2024 that caused a flurry of excitement within the investment space and broke multiple records. 

Now, a plethora of analysts are busy speculating whether or not Bitcoin will still be able to reach a new peak this year after eclipsing the all-time high of the previous cycle in March. As reported by U.Today, commodity trader Peter Brandt has estimated that there is a 25% probability that the flagship cryptocurrency has already reached its apex before experiencing “exponential decay.” For now, however, the consensus appears to be that Bitcoin will be able to reach a six-figure milestone this year or in 2025.

During the previous cycle, it took Bitcoin 547 days after the 2020 halving to reach its peak of roughly $69,000 before it entered a brutal bear market.

According to CCData, the current streak of boring range-bound price action is only temporary, and the leading cryptocurrency is still likely to surpass its March peak.

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