- Bitcoin (BTC), the world’s largest cryptocurrency, surged to a new all-time high above $70,000 on Friday.
- Analyst Martinez’s analysis suggests that the next peak in the Bitcoin market could occur between November 2024 and February 2025.
- On-chain data provider Santiment reports that Bitcoin reached a new all-time high of $70,199, marking a significant market value.
While Bitcoin reached a new peak at the $70,000 level, analysts and analytical firms within the community are sharing their bullish market predictions.
Bitcoin Price Hits a New Peak at $70,000
Bitcoin (BTC), the world’s largest cryptocurrency, surged to a new all-time high above $70,000 on Friday. Bitcoin has been on an unstoppable journey, with a surge in net inflows into newly launched spot ETFs in the past month.
Renowned crypto analyst Ali Martinez revealed insights into the market trajectory of Bitcoin and utilized historical patterns to predict the timing of the next market peak. According to Martinez, Bitcoin, consistently following a trend in past cycles, took approximately 8 to 11 months to reach the market peak after surpassing previous all-time highs.
While Bitcoin is currently reaching unprecedented levels, Martinez’s analysis suggests that the next peak in the Bitcoin market could occur between November 2024 and February 2025.
As the Bitcoin price continues to challenge previous all-time highs, it faces immediate rejection upon entering the new discovery phase. After reaching a new all-time high of $70,000, the BTC price partially retreated and is currently trading around $68,260, with a market value of $1.35 trillion.
One of the biggest doubts within the community is whether new investments can be made at this point. Bitcoin has shown a strong upward movement ahead of the upcoming halving, set to take place in a month. Some investors speculate that the BTC price could reach up to $100,000 around the time of the halving.
Reviews from Analytical Firm
On-chain data provider Santiment reports that Bitcoin reached a new all-time high of $70,199, marking a significant market value. However, despite this significant milestone, traders show signs of exhaustion and attention toward alternative assets.
Currently, discussions around $BTC compared to other assets stand at a healthy 27.5%, indicating a balanced sentiment. However, there is a lack of enthusiasm that can be considered a sign of fatigue and a lack of excessive FOMO and greed observed just nine days ago when Bitcoin surpassed $60,000.
Additionally, the Average Dollar Investment Age metric indicates a rapid return of previously inactive coins, a common phenomenon seen in bull markets. Until the emotions of general excitement and stagnation of the coin re-emerge on the Bitcoin network, there seems to be further growth potential in market value.
