Bitcoin is far from reaching the top of the market, highlights renowned analyst

In a move that captured the attention of enthusiasts and financial analysts around the globe, Bitcoin (BTC) scaled new heights, surpassing the impressive $72,000 mark. The largest cryptocurrency on the market recently set another new all-time high amid enthusiasm for exchange-traded funds (ETFs) and the approaching halving.

Given the new scenario, renowned cryptocurrency analyst Ali Martinez recently shared in an analysis that historical patterns suggest that the top of the Bitcoin market is far away.

“After the Bitcoin halving in 2012, $BTC peaked in 367 days. After the 2016 halving, it reached the market top in 526 days, and after the 2020 halving, it took 547 days to reach the top. While there may be small dips along the way, historical patterns suggest we are far from reaching the top of the BTC market,” he wrote.

Following the 2012 #Bitcoin halving, $BTC peaked in 367 days. Post-2016 halving, it soared to a market top in 526 days, and after 2020’s halving, it took 547 days to top.

Though there may be slight dips along the way, historical patterns suggest we are far away from a #BTC… pic.twitter.com/EzLQIMcZZp

— Ali (@ali_charts) March 13, 2024

It is worth remembering that Ali Martinez recently shared a prediction of the next market top after Bitcoin reaches a new ATH. According to the expert, previous patterns suggest that the next top should happen in 8 to 11 months.

“Historically, whenever Bitcoin has broken its previous highs, it has consistently taken around 8 to 11 months to reach the market top. With $BTC currently reaching record highs, historical patterns suggest that the next BTC market top will occur sometime between November 2024 and February 2025,” he wrote.

At the time of publication, the price of Bitcoin was quoted at US$72,709.69, up 1.2% in the last 24 hours. Over the past seven days, the cryptocurrency has increased its price by 9.7%.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.