Bitcoin (BTC) has recently approached its all-time high, displaying a pattern similar to the bull market of 2015-2017, as per data shared by analytics platform Glassnode on May 29.
The price of Bitcoin experienced intense volatility, driven by the anticipation of the United States Securities and Exchange Commission (SEC) approving Ethereum index funds. This optimism propelled the cryptocurrency to nearly reach $72,000 on May 21, a peak not seen since early April. However, following the SEC’s approval of Ethereum ETFs, the price of Bitcoin retreated.
Glassnode’s on-chain platform analyzed Bitcoin’s current movement and compared it to the bull market between 2015 and 2017. They noted that after recording the deepest correction since the FTX lows (-20.3%), Bitcoin recovered and reached $71,000 on May 20. The drawdowns pattern during the 2023-24 uptrend appears to be remarkably similar to the 2015-17 bull market.
The highest price ever paid for Bitcoin was $73,737.94, recorded on March 14. At the time of writing, Bitcoin was priced at $68,719.25, showing a 1.7% increase in the last 24 hours. However, the current price is 6.83% lower than the historical peak.
In a recent prediction, macro strategist Henrik Zeberg stated that Bitcoin has a high chance of experiencing a significant price increase at any time. During an interview on the Bloor Street Capital YouTube channel, Zeberg emphasized that Bitcoin has the potential for a 64% upward rally by the third quarter of 2024. He previously predicted a price range of $110,000 to $115,000 for Bitcoin in January.
It is important to note that the views and opinions expressed in this article, including Zeberg’s prediction, are for informational purposes only and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Editor’s Choice: Bitcoin whales have purchased $1.34 billion worth of BTC within 24 hours, signaling a rise in Bitcoin’s price today. Additionally, the price of Bitcoin is expected to reach $150,000 following a consolidation period post-halving.
