Bitcoin is definitely on its way to reaching a new ATH, and in this piece, we will address the timing that has been predicted for this to happen. Check out the reports below.
Bitcoin to reach new ATH soon
Crypto analyst Jason Pizzino, who is closely monitored by cryptocurrency enthusiasts, has presented a timeline for Bitcoin’s (BTC) next all-time high above the $69,000 mark.
In a recent strategy session, Pizzino informed his followers that Bitcoin has historically entered its bear markets and accumulation phases after the S&P 500 has peaked.
Since the S&P 500 is significantly below its all-time peak and may be consolidating between the ranges of 4,400 and 3,700, Pizzino believes that the S&P may rebound to new highs in the next eleven months, taking Bitcoin with it.
He estimated the fact that by September of 2024, the S&P500 will have already made new highs and Bitcoin may be targeting the $70,000 level once again.
“In each of those occasions, the S&P500 has made a new all-time high while Bitcoin has been underneath its own all-time high. We’re still underneath the all-time high, and we still have roughly 11 months to go to the end of this accumulation – of course, give or take a month or two on either side.”
He continued and said the following:
“These are macrocycles and we need to have some tolerance to the numbers themselves, but roughly speaking we’re probably about halfway through that accumulation period or at least we’ve got half the time to go before Bitcoin breaks out off its previous all-time high of $69,000.
With that in mind, we can then start to throw a couple of numbers or a couple of dates out there. We look at roughly 11 months from now. It takes us out to September of 2024, so potentially sometime in the second half of 2024 is when Bitcoin will be above $60,000 or $70,000.”
