The price of Bitcoin could rise to $140,000 in three months if history rhymes

The previous two cycles may provide an indication of where BTC prices could go after breaking the previous all-time high.

During the 2013 cycle, Bitcoin prices peaked around $1,130, but did not break that level again until March 2017. However, in the following three months, BTC prices doubled.

When the 2017 all-time high of $20,000 was breached in December 2020, BTC prices doubled within a month.

Bitcoin’s 2021 all-time high of $69,000 was surpassed in March, so prices could double to $140,000 in the coming months if the cycle story pans out.

Big gains ahead?

A similar analysis was provided by “Alpha Analysis” on May 23 in a post on X. They added that in 2014 and 2017 there were multi-week corrections after the new price peak and before the next parabola.

In 2017, the price of Bitcoin doubled in just 4 weeks after setting new all-time highs.

In 2021, the price of Bitcoin doubled in just 4 weeks after setting new all-time highs.

In 2024, the same action would entail a price of $138,000 at the end of June.🚀🌛 pic.twitter.com/4kOBPa6y11

— alphaanalysis.io (@Sawcruhteez) May 22, 2024

Bitcoin markets seem to mirror this action, as the asset had corrected 23% on May 2, but has recovered to remain largely in range since breaking the 2021 all-time high on March 12.

Fellow analyst Will Woo came to a similar conclusion on May 22, posting on X that “While everyone was freaking out that the price of Bitcoin wasn’t going up in the last 2 months, available BTC was silently gathering,” before adding:

“Last time I’ll say it… It’s only a matter of time before BTC breaks all-time highs.”

Glassnode analyst James Check said markets are still a long way from the true euphoria phase of this bull cycle, adding that “we’re on the edge between enthusiasm and excitement, but still not euphoric.”

#Bitcoin it’s still quiet and it’s still trending.

In my opinion, we are quite far from the true euphoria phase of this bull market.

You could argue we’re on the borderline between enthusiasm and excitement, but not euphoric yet.https://t.co/ZvplEcKcKk. pic.twitter.com/h1SC3lDjPC

— _Chess and checkmate 🟠🔑⚡☢️🛢️ (@_Escacmatey_) May 22, 2024

Crypto market outlook

Bitcoin prices are currently trading very close to their November 2021 all-time high, which is building a base of support. The asset fell 0.5% on the day and changed hands at $69,500 during the Asian trading session on Thursday morning.

A drop from here could drop back to support at $67,000, but a move higher would reach resistance at $71,000.

Ethereum has held on to recent gains as the crypto community collectively holds its breath for the US Securities and Exchange Commission to decide whether to approve or deny the nation’s first ETH ETF later today. The asset was trading for $3,776 at the time of writing.

Altcoins were either flat or down marginally and haven’t really kept pace with BTC or ETH during the recent rally.

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