It’s been nearly two months since Bitcoin last tried and failed to break past the $112K mark. Three attempts, and still no new all-time high. But that might be about to change. According to recent on-chain data, Bitcoin could be just days away from setting a new record.
CryptoQuant analyst Axel Adler Jr. has spotted a repeating pattern that could explain what’s building beneath the surface, and why a major breakout might be next.
Bitcoin’s New High Just Days Away
Over the years, Bitcoin has shown an interesting habit. When its price keeps rising during a bull market and there is no big drop, it often hits a new record within about 50 days.
According to Axel Adler Jr, it has now been 47 days since Bitcoin last reached its all-time high, and so far there hasn’t been a sharp fall of more than 20%. If this pattern continues, Bitcoin could break its old record very soon.
Looking back at past bull runs in 2013, 2017, and 2021, the same thing happened. When sellers did not cause big pullbacks, Bitcoin stayed strong and reached new highs in just a few weeks.
And the time between each new record has also become shorter over the years, showing how strong buying pressure can push the price up when the market stays calm.
Will History Repeat Itself?
Axel Adler Jr points out that the same setup is playing out again and data shows the odds are leaning toward a breakout rather than a breakdown. Volatility is calm, no big sell-offs have hit yet, and Bitcoin is holding its ground near its peak levels. .
If these calm conditions continue, Bitcoin could easily test new price records within the next 7 days.
Weak Dollar is Also Helping Bitcoin
Supporting this outlook is another CryptoQuant analyst, Darkfost shared a chart focusing on the U.S. Dollar Index (DXY), and it tells a familiar story.
Whenever the DXY trades below its 365-day average, Bitcoin tends to perform well. Right now, the dollar is weakening again, and based on past data, this environment has always been good for Bitcoin’s price.
As of now Bitcoin price is trading around $108,769, reflecting a slight rise seen in the last 24 hours.
