Market analyst Rekt Capital has projected that the ongoing Bitcoin bull run may reach its peak around October 2024, drawing parallels to the historical pattern observed in the 2020 cycle.
The analysis suggests the market could remain in this phase until then, mimicking the 2020 cycle peak that occurred roughly 550 days after that year’s Bitcoin halving event. The upcoming Bitcoin halving scheduled for April 2024 is cited as a central factor underpinning this projection.
Rekt Capital’s view stands in contrast to more bullish projections. Other prominent analysts, including Geoff Kendrick and Arthur Hayes, have forecasted significantly higher potential price targets, reaching up to $200,000 or even $250,000 before the conclusion of 2024.
Bitcoin currently demonstrates sustained strength in the market, having gained 3.5% over the preceding 30 days. The cryptocurrency now trades remarkably close to its all-time high price of $111,970.
Amidst varied predictions, Rekt Capital emphasized a disciplined approach, cautioning market participants against abandoning established historical principles and analysis techniques. The analyst stressed the necessity of relying on proven indicators like the halving cycle framework rather than adopting new, untested metrics.