Bitcoin's Latest Rally Is Close To Making History, Says Analyst – Forbes

Bitcoin’s latest rally, which has brought the cryptocurrency’s price close to a new record level, could make history very soon, according to one analyst.

“In all previous cycles, new all time highs occurred after the Halving event which means if bitcoin were to break $69k before April 20th, it would be the first time in bitcoin’s history that a new all time high was set before the Halving,” Brett Munster, portfolio manager for Blockforce Capital, said via emailed comments.

He made these statements the same day the cryptocurrency reached $67,542.30, CoinDesk data shows, bringing it roughly 2% away from hitting the all-time high of approximately $68,900 it attained in late 2021.

“This cycle’s recovery and bull run appears to be happening quicker than in previous years,” noted Munster. “We believe that speaks to the growing adoption and conviction of bitcoin holders in the marketplace.”

“One possible result is that the timeframe for these cycles is being condensed meaning bitcoin could possibly reach its eventual top quicker than previous cycles,” he noted.

“Another possibility is that the accelerated demand from the market, largely driven by the ETFs, means this cycle will be larger than the last one,” said Munster.

“Regardless how this plays out, it’s clear that there are structural differences to this current market than in previous cycles,” he concluded.

While the digital currency has experienced some rather compelling gains in recent months, one analyst offered a cautionary view of this sharp price appreciation, emphasizing the pullbacks the digital currency experienced during previous bull runs.

“Investors should be careful at this level,” said Tim Enneking, managing partner of Psalion.

“There will be corrections, with one probably coming fairly soon, because nothing like BTC’s advance lasts forever – or even very long,” he said via emailed comments.

“That being said, for those with the stomach for it, we’re probably looking at a bull market which began in January 2023 and which will end in Q3/Q4 of 2025, so buy and hold!” said Enneking.

“I would be astonished if we don’t see six figures this year and come to see $100k as the absolute floor in 2025,” he stated.

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and SOL.

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