A recent report by CCData suggests that Bitcoin (BTC) could reach a new all-time high in 2024. The report points out that previous cycles have seen a sharp increase in price, which has not happened yet in this cycle. CCData also predicts that the current bull cycle may extend into 2025.
There has been speculation about how Bitcoin’s price is affected by events like block reward reductions. This cycle has been unique because Bitcoin broke its previous peak and reached a new all-time high of $73,737 before the halving event in April. This was due to the introduction of spot Bitcoin exchange-traded funds in early 2024, sparking excitement in the investment space.
Many analysts are now debating whether Bitcoin can reach a new peak this year after surpassing the previous cycle’s all-time high in March. Some, like commodity trader Peter Brandt, believe there is a 25% chance that Bitcoin has already peaked. However, the general consensus is that Bitcoin could reach a six-figure milestone this year or in 2025.
In the previous cycle, it took Bitcoin 547 days after the 2020 halving to reach its peak before entering a bear market. CCData believes that the current period of stagnant prices is only temporary and that Bitcoin is likely to exceed its March peak.