Cryptocurrency analyst names the date when bitcoin will update the historical price record

InvestAnswers YouTube channel host James Malloni predicts that bitcoin will set a new all-time high by June 2024. According to the crypto trader, his estimate is based on the average time it took for BTC to recover from price crashes in previous cycles. Using this timeline, Melloni determined that the flagship cryptocurrency typically sets new price records every 415 days.

«Each of the last two bitcoin cycles took about three years to complete, during which time the price of BTC returned to previous all-time highs. We are now halfway through this period. Both previous cycles included price movements that retested the market bottom, so it’s best to prepare for a similar scenario, especially given the current macroeconomic situation. What is really interesting is where we are now, on this yellow line at 545 days [Меллоні трактує графік, скриншот нижче — ред.]. And if you take the average of all three previous cycles, we have about 415 days to reach a new historical high,» the crypto expert explained.

According to the crypto blogger, bitcoin is performing better in the current cycle compared to the previous ones.

«I see many things that are different this time. First, we are going higher and faster. Secondly, we have a lot of headwinds, but we also have tailwinds, such as the banking crisis, which really makes people realize what value is [біткоїна]. According to my calculations, 415 days to the new all-time high will be June 27, 2024. There isstill a year ahead,» Melloni summarized.

At the time of writing, the flagship cryptocurrency is trading at $ 26,320, which is 4.17% lower than yesterday. The market capitalization of bitcoin is $ 509.8 billion, and traders have made daily trading deals worth $ 1.7 billion.

Earlier, another well-known crypto trader, Jason Pizzino, also assured crypto market players that bitcoin would hold its ground in the foreseeable future: «If people are expecting lower prices [на біткоїн], the market is telling us that they won’t be right now. Even a strong bearish signal, as was the case with the $ 19,500 mark, did not work. The collapse of banks did not work. This means that in the micro and macro perspectives, the market will recover. What could happen? Maybe we will exceed $ 32,000, maybe $ 34,000. Maybe even $ 42,000, we’ll see.»