It noted that previous cycles featured a parabolic advance, a short period of extreme price appreciation, that is yet to occur this time around. There has been plenty of speculation about the interconnectedness of quadrennial block reward reduction events and Bitcoin's price performance. broke a prior peak and reached its current all-time high of $73,737 before the halving event in April.
Now, a plethora of analysts are busy speculating whether or not Bitcoin will still be able to reach a new peak this year after eclipsing the all-time high of the previous cycle in March. As , commodity trader Peter Brandt has estimated that there is a 25% probability that the flagship cryptocurrency has already reached its apex before experiencing"exponential decay.
During the previous cycle, it took Bitcoin 547 days after the 2020 halving to reach its peak of roughly $69,000 before it entered a brutal bear market. According to CCData, the current streak of boring range-bound price action is only temporary, and the leading cryptocurrency is still likely to surpass its March peak.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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