Crypto analyst Timothy Peterson predicts Bitcoin will reach a new all-time high in the next 60 days.
Bitcoin has set a historically history-high 98% after a similar move.
Institutional investments, including Bitcoin ETFs, and government involvement, have encouraged bullish confidence in investors.
Bitcoin, the pioneer cryptocurrency, hits its highest price since February, $104,000, just 5% off its all-time high of $109,000. Meanwhile, renowned cryptography analyst Timothy Peterson has an exciting analysis that suggests that Bitcoin will soon reach a new history high, citing historic bullish trends.
Find out when BTC hits a new ATH and how much pumps it.
History Tips: Breakouts are approaching
According to Timothy Peterson, this is not the first time Bitcoin has been in this position. Since 2015, Bitcoin has now nearly 300 times in this exact position. And here’s the exciting part. In 98% of these cases, prices continued to be the latest in history within the next 50 days.
It’s hard to ignore such consistency.
Historically, when this happened, Bitcoin recorded some serious profits. The median return was about 17%, but the average gain was a whopping 43%. Even after Covid, in the milder market stage, the average gain will remain at a significant 8%.
Bitcoin reaching $125,000 from $115K
If this trend repeats, Bitcoin could move towards a price range of between $115,000 and $125,000 over the next two months. It is a huge step up from the current level and will make headlines all over the world.
Peterson’s Bitcoin price forecast matches what the giant banking standards have said recently. The bank believes Bitcoin will reach its new all-time high in the second quarter, adding that the $120,000 goal looks more realistic than ever.
Key factors supporting this bullish prediction
The recent surge in Bitcoin is driven by several powerful factors, and has boosted its bullish momentum. First, the consistent inflow of Bitcoin ETFs has skyrocketed over the past two weeks, with prices moving from $82,000 to $104,000.
Additionally, the strategy (formerly MicroStrategy) continues to build a Bitcoin Holding, which is now worth more than $57.4 billion.
Large companies like the Sovereign Wealth Fund in Abu Dhabi, the Swiss National Bank and the Norwegian Nol Pension Fund are also gaining momentum, increasing the legitimacy of Bitcoin among traditional investors.
Additionally, US states like Arizona, Texas and Oregon have enacted laws that include Bitcoin in their protected areas, indicating an increase in support. All of this makes the price of Bitcoin higher.