This finding begs significant queries regarding the situation on the Bitcoin market right now and the likelihood of a new ATH occurring soon. According to the available data, new cycle highs were reached relatively quickly following the Bitcoin halving events in the years 2012, 2016 and 2020.
For example, after halving, it took just eight weeks for Bitcoin to reach a new high in the 2011-2013 cycle. Similar to this, the halving of the 2015-2017 cycle resulted in a new high 24 weeks later, and the ATH for the 2018-2021 cycle took 25 weeks to reach.
Since Bitcoin has not reached a new high in the current 2022-2025 cycle — which is already 23 weeks after the halving — it is becoming more and more likely that this cycle will break previous records for the longest period of time without a new ATH.
As it attempts to break out of the broad descending channel, it is currently trading within resistance found around the $62,000 mark. According to the data, Bitcoin’s price has to clear a major obstacle at $73,804 in order to set a new all-time high. It is unclear whether Bitcoin will reach a new high in this cycle, though the market appears to be stagnating and resistance levels are hard to overcome without proper buying support.
According to Peter Brandt’s analysis, the behavior of the Bitcoin market right now may be distinct, possibly indicating that a new ATH is unlikely for this cycle. This would be a major divergence from earlier cycles, in which Bitcoin has almost always risen to new heights following a halving event.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
