Bitcoin breaks $72,000
Last night (March 11), the bullish train of Bitcoin ($BTC) did not stop. After breaking through 71,000 the previous day, it once again broke through the all-time high, reaching $72,300, a single-day increase of nearly 5.6%, and has risen in the past month. 51.5%.
Behind this wave of rises, in addition to the positive promotion of spot ETFs, MicroStrategy sold stocks to increase positions, and the British Financial Conduct Authority (FCA) approved the opening of exchange-traded securities supported by Bitcoin and Ethereum. source of rising momentum.
While the price of Bitcoin is rising, data provider Kaiko Research has observed an interesting phenomenon - there are only about 2,000 "millionaire" wallets holding more than one million US dollars in Bitcoin on average every day, which is the same as in 2021. The daily average of 4,000 wallets during the bull market is doubled, which may indicate two situations:
As cryptocurrency investment matures, the chips are more dispersed for retail investors than in the past.
The entry of traditional institutions has become a driving force, and a single institution holds more chips than before.
As the price of Bitcoin continues to soar, many investors are beginning to wonder, when will this bull market reach its peak? Given historical data and the upcoming halving event in April 2024, there may be some time points worth considering.
When will Bitcoin peak?
In the latest X tweet, cryptocurrency analyst Rekt Capital studied past halving cycles and the "acceleration" phenomenon observed in the current cycle, and pointed out that the current Bitcoin bull market peak is likely to break through the all-time high It will appear within 266 to 315 days, and the current predicted time is approximately between December 2024 and February 2025.
Rekt Capital said that historically, the real bull market of Bitcoin often occurs after the halving event, which generally lasts from 518 to 546 days, and then begins to enter the next cycle. However, this year’s market is obviously “faster and more "Urgent", judging from the data, it is likely to shorten the current bull market by about 260 days, and Bitcoin may reach its peak much earlier than expected.
Traditional cycles no longer apply
Market expert Crypto Con believes that the current Bitcoin bull market is "no longer applicable" to the traditional four-year cycle, and even past experience has become no longer of reference value. The reason behind this is that with the opening up of regulations and the entry of traditional finance , the "boundaries" of Bitcoin are being broken, and the market is ushering in changes that we cannot predict.
圖片來源：X
Crypto Con pointed out that compared with the previous halving cycle, the current market trajectory of Bitcoin seems to be closest to the 2017 bull market. The first peak of both appeared around April, but Bitcoin was about a month earlier than expected. It reached a new high (ATH) in 2018. Based on time calculation, Crypto Con believes that the next bull market peak of Bitcoin is more likely to occur at the end of 2024, which is far from the market’s previous prediction of the end of 2025.
