Key Points
- Bitcoin’s price discovery run could be delayed until September 2024, according to an analyst’s prediction.
- Bitcoin reached a new all-time high of $73,835 on March 14, based on data from Coinbase.
Bitcoin seems to be following a pattern similar to its 2020 run, as observed by a cryptocurrency analyst. The real price discovery phase for Bitcoin (BTC) may not happen until September 2024.
On March 14, Bitcoin posted a record high of $73,835, according to Coinbase data. This breaks its previous all-time high before the expected halving, which is predicted to occur between April 15 and April 23.
Bitcoin’s Accelerated Cycle
In the previous cycle, Bitcoin was trading at $9,000, just below half of the 2017 high of $19.9k. This led an analyst to suggest that Bitcoin might be on an accelerated cycle, with striking similarities to past trends.
Rekt Capital, in a post on X (formerly Twitter), delved into the concept of history repeating itself. In 2020, Bitcoin started rallying before the halving event and then went into a 35-day retracement. The analyst proposed that the same pattern is happening again.
In 2020, the pre-halving rally lasted eight weeks, with the retracement expected to continue for another five weeks. This doesn’t necessarily mean that Bitcoin’s prices will drop significantly, but rather that it will find a support level and remain there for post-halving accumulation.
Parabolic Bull Run and Possible Future Trends
The chart showed that the parabolic bull run didn’t start until 23 weeks after the halving. The 2020 run saw Bitcoin enter price discovery quickly and continue to rise until it hit $69k 55 weeks later, just over a year.
If the halving event does occur on April 15, the true bull run of Bitcoin could start 23 weeks later, on September 23, 2024. This is based on the analyst’s belief that history is repeating itself.
Prices are drawn to liquidity, so AMBCrypto decided to focus less on history and more on the liquidation levels heatmap to predict Bitcoin’s next move. The $73.8k-$75k region was estimated to have multiple levels with liquidations worth $15 billion.
The $74k level had an estimated $19 billion in liquidations. As for support, the $64.6k-$65.8k zone had multiple liquidation levels estimated at $8 billion by Hyblock data. Therefore, it’s likely that the current Bitcoin dip will stop at this support zone.
