Bitcoin, the pioneer cryptocurrency, has hit a $104k, its highest price since February, putting it only 5% away from its all-time high of $109,000. Meanwhile, well-known crypto analyst Timothy Peterson has an exciting analysis suggesting that Bitcoin will hit a New all-time high soon, citing historical bullish trends.
Let’s find out when BTC will hit new ATH & how much it will pump?
History Hints: A Breakout Is Near
According to Timothy Peterson, this isn’t the first time Bitcoin has been in this position. Since 2015, Bitcoin has found itself in this exact position nearly 300 times. And here’s the exciting part, in 98% of those cases, the price went on to set a brand-new all-time high within the next 50 days.
That kind of consistency is hard to ignore.
Historically, when this has happened, Bitcoin has recorded some serious gains. The median return was around 17%, while the average gain was a whopping 43%. Even after COVID, during a calmer market phase, the average gain still holds up at a respectable 8%.
Bitcoin To Hit $115K to $125K
If this trend repeats, Bitcoin could be headed toward a price range of $115,000 to $125,000 over the next two months. That would be a massive step forward from current levels and would make headlines around the world.
Peterson’s bitcoin price prediction also aligns with what giant bank Standard Chartered said recently. The bank still believes Bitcoin will hit a new all-time high in Q2, adding that the $120,000 target is looking more realistic than ever.
Key Factor Supporting This Bullish Prediction
Bitcoin’s recent surge is driven by several powerful factors, fueling its bullish momentum. First, Bitcoin ETF’s consistent inflow has spiked over the past two weeks, pushing the price from $82,000 to $104,000.
Additionally, Strategy (formerly MicroStrategy) continues to build its Bitcoin holdings, now valued at over $57.4 billion.
Big players like Abu Dhabi’s sovereign wealth fund, the Swiss National Bank, and Norway’s Norges Pension Fund are also adding to the momentum, increasing bitcoin’s legitimacy among traditional investors.
On top of that, U.S. states like Arizona, Texas, and Oregon are making laws to include Bitcoin in reserves, showing growing support. All of this is pushing Bitcoin’s price higher.
