- New data indicates that Bitcoin might track sideways for a few years before regaining its bull run.
- Bitcoin holders might have to wait until 2024 for the next price rocket, according to one veteran trader.
- Historically, a crypto market bull run required a wait of about 33 months before the next large scale increase happened.
New data indicates that Bitcoin (BTC) might track sideways for a few years before regaining its bull run.
Veteran trader, Peter Brandt, shared some historical patterns in a tweet on April 6, 2022, which suggest that Bitcoin holders might have to wait until 2024 for the next BTC price rocket.
Bitcoin has pleasantly surprised analysts with its performance over the last year. This is because the expected “blow-off” at the end of the fourth quarter in 2021 was much lower than initially expected.
The long standing debate about the relationship between price to Bitcoin’s four-year halving cycle changed after BTC/USD lost over 50% of those modest all-time highs. In the past, the market was used to a macro price top that happens in four year cycles. This happens specifically during each of Bitcoin’s block halving events.
However, these big price actions have become much less predictable. Although there are several complex factors controlling these price actions, it does not indicate that bulls in the market will make their presence felt at a different point in the current cycle.
According to the data provided by Brandt’s tweet, we can expect the next Bitcoin impulse wave to take place in 2024. This almost exactly lines up with the next Bitcoin halving event.
Historically speaking, this could happen a year too early for a blow-off top, but there is a real possibility for it to still deliver a 10x price increase. This is based on historical patterns that go beyond halving cycles.
Brandt further explained that the last time Bitcoin had a price increase of 10-times or more, it required an average wait of about 33 months before the next large-scale increase happened.