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Bitcoin's bull rally is expected to continue for another 350 days, potentially pushing its price toward $100,000, according to Bybit's latest analysis.
Bitcoin Bull Rally Predicted to Last 350 Days
In spite of Bitcoin's latest dip to five-month lows, the cryptocurrency still has a year of bullish potential.
Based on the current trough-to-peak ratio, which examines the price tops and bottoms printed by an asset or security, Bitcoin's price could continue to rise for another 350 days.
The research was provided with Cointelegraph by Bybit and BlockScholes that, based on Bitcoin's ratios over prior cycles, predicts that the bull run will continue into the third quarter of 2025:
“With a current trough-to-peak ratio of 3.5x, significantly lower than the 20x observed in prior cycles, the report suggests that the rally may continue for another 350 days before surpassing previous peaks.”
The crypto industry lost $510 billion, but Bitcoin is now making a comeback.
Bitcoin’s Price Expected to Reach $100,000 by End of 2024
According to historical Bitcoin halving cycles, Bitcoin is expected to reach $100,000 once it recovers from its decline below $63,000 and re-establishes its trendline before the end of 2024 cut.
According to Nathan Thompson, the chief tech writer at Bybit, Bitcoin is currently in the second part of the cycle based on previous chart patterns. As Thompson explained to Cointelegraph:
“First, at the beginning of the cycle, we see BTC spot price recover from its cycle lows back towards the all-time high value that it recorded in the previous cycle. Then, we have in each case observed BTC spot price push past that previous all-time high into new, unexplored higher price levels.”
Rekt Capital and other prominent crypto analysts share Thompson's outlook. Based on past Bitcoin halving cycles, the well-known analyst thinks we are 42.5% into the current bull cycle.
As a result of reduced personal savings after a time of high inflation, the current cycle has seen a lesser rate of involvement from retail investors.
Bybit Sees Institutional Investors Leading 2024 Bitcoin Rise
According to the research, institutional investors have primarily propelled Bitcoin's 2024 rise based on its link with traditional equities:
“The changing intra-asset correlation structure between crypto and meme coins suggests that a different type of investor may be behind the most recent rally in prices: institutions. The renewed co-movement with equities coincides with the launch of BTC Spot ETFs in early January 2024, as well as the unlocking of a new pool of demand for crypto.”
Additionally, since their introduction, there has been a strong correlation between the highs and lows of Bitcoin and the inflows from US spot Bitcoin ETFs.
The price of a cryptocurrency can rise substantially due to the infusion of funds into exchange-traded funds. By the time Bitcoin hit the $50,000 barrier on February 15th, about 75% of the new investment in the cryptocurrency came from exchange-traded funds.
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