Wild Ride for Bitcoin This Cycle? The Halving, Cycle Top Timing and $62K Set to Impact Prices

Bitcoin's recent break from traditional patterns by hitting an all-time high before the April 2024 halving suggests an accelerated trajectory, with analysts speculating a cycle top possibly in late 2024.
Wild Ride for Bitcoin This Cycle? The Halving, Cycle Top Timing and $62K Set to Impact Prices

Key Insights

  • Bitcoin's price surged to a new all-time high before the April 2024 halving, breaking the traditional trend.

  • Analysts believe this may indicate an accelerated Bitcoin trajectory.

  • The cycle top may be reached earlier than expected, possibly in late 2024.

  • Bitcoin's consolidation between $60,000 and $70,000 could be an attempt to realign with previous halving cycles.

  • The next few months could see the most explosive bull run for Bitcoin yet.

Bitcoin has been the subject of massive speculation for months now, mainly because of the many strange patterns it has exhibited before and even after the halving.

The cryptocurrency currently hovers above the $62,000 zone and isn't fully out of the woods yet.

Investors realize that a drop from here is entirely possible and that Bitcoin is currently in one of its most unpredictable times overall.

Let’s go over some of the strange things that have been going on with Bitcoin, and what analysts and experts think might be going on..

What Was Strange About the 2024 Halving Event?

Bitcoin has never, in its 15 years of existence, made a new all-time high before a halving.

Except that it did, right before the April 2024 halving.

Bitcoin surged straight above its previous $69,000 all-time high from 2022, before registering a new high nearly at $74,000.

CryptoCon, a crypto analyst drew attention to this trend, by suggesting that Bitcoin's behaviour in this cycle might be a sign of a shifting landscape.

In essence, the analyst suggests that Bitcoin’s trajectory is speeding up for some reason.

The first Bitcoin halving in 2012 was considered the most important halving on Bitcoin, and pretty much set the stage for the cryptocurrency for the following decade.

However, Bitcoin’s behaviour before the halving shows that the cryptocurrency is breaking the trend, suggesting a divergence.

Bitcoin Price Pump Soon?

According to CryptoCon, Bitcoin’s “sped up” trajectory shows that we may see the cycle top dragged back from 2025 to sometime around late 2024.

<div class="paragraphs"><p>Bitcoin’s trajectory</p></div>

Bitcoin’s trajectory

This means that the next few months are set to present the most explosive bull run on Bitcoin ever, with a peak coming in late into the year and ushering in the new bear market.

“We usually see stagnation after a halving, followed by a rally into the cycle top.

But with prices at all-time highs, we may see the cycle top form at the end of this year,”

Moreover, another analyst, Rekt Capital thinks that Bitcoin’s current consolidation between $60,000 and $70,000 after the halving, may be an attempt to correct its trajectory.

The analyst suggests that Bitcoin is trying to “decelerate and resynchronise” with the previous halvings, and possibly restore the natural order of things.

This means that the longer we spend in this consolidation between $60,000 and $70,000, the more likely we see the cycle top in 2025, rather than sooner in late 2024.

Overall, Bitcoin’s journey before and after the halving has been remarkable, with traditional theories being challenged and new patterns emerging.

What's Next?

According to data from CoinGekco, Bitcoin trades at around $66,190 at the time of writing.

<div class="paragraphs"><p>Bitcoin's price</p></div>

Bitcoin's price

This means that after breaking above $66,000 the cryptocurrency is attempting to convert this price level into support and rally further upwards from there.

<div class="paragraphs"><p>Bitcoin’s price trajectory</p></div>

Bitcoin’s price trajectory

Ali drew attention to this trajectory in a recent tweet.

According to the analyst, around 1.54 million addresses bought around 747,000 Bitcoin around $66,000, which strengthens it as a support, and puts the next resistance/target levels around $69,900 and $71,200.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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