Bitcoin's Latest Rally Is Close To Making History, Says Analyst
An analyst predicts that the Bitcoin markets may make record-breaking strides in the near future.
A specialist in the field predicts that if the price of Bitcoin continues to surge, it could achieve its highest-ever value and create a significant historical event.
According to Brett Munster, the portfolio manager at Blockforce Capital, in all past instances of halving, new all-time highs were recorded after the event. Therefore, if Bitcoin surpasses the $69k mark before April 20th, it would be a new milestone as it would be the first time that a new all-time high was reached before the halving event in Bitcoin's history. Munster shared his thoughts via email.
On the day that the cryptocurrency reached $67,542.30, as recorded by CoinDesk, he spoke these words. This means it was just about 2% away from breaking the record high of roughly $68,900 it achieved toward the end of this year.
Munster stated that this year's recovery and increase in bitcoin prices seems to be occurring at a faster pace compared to previous years. He believes that this is due to a greater number of people using and trusting bitcoin in the market.
According to him, it is possible that the duration of these cycles may be shortened. This implies that bitcoin might attain its maximum level earlier than the previous cycles.
Munster stated that it could be possible that the market's increased demand, mainly from ETFs, could result in a larger cycle than the previous one.
No matter what happens, it's evident that this present market has structural variations compared to previous ones," he stated.
The value of digital currency has risen substantially in the past few months, but an expert has advised caution due to the currency's history of significant price reductions during previous upswings.
According to Tim Enneking, who is the managing partner of Psalion, investors need to be cautious at this level.
He stated in his emailed remarks that there will likely be adjustments, and it will likely happen soon. He believes that because gains like those seen in BTC won't last indefinitely - or even for very long.
Enneking stated that if someone is brave enough, it seems like a bull market has started from January 2023 and it will conclude in Q3/Q4 of 2025. Therefore, it is recommended to buy and hold during this period.
He said he would be amazed if we don't reach a six-figure amount this year and predict that $100k will be the bare minimum in the year 2025.
Note: I have holdings in bitcoin, bitcoin cash, litecoin, ether, EOS and SOL.
