According to network economist Timothy Peterson, Bitcoin (BTC) may reach new all-time highs by June this year if historical trends continue.
Information shared on X on March 15 indicates that BTC/USD has approximately two and a half months to surpass its current record of $109,000.
April could trigger a 50% increase in BTC price
After peaking in mid-January, Bitcoin has fallen by 30%. This level of decline is typical of corrections in bull markets, and Peterson believes there is strong potential for recovery.
“Bitcoin is trading at the lower end of its historical seasonal range,” he noted, alongside a chart illustrating BTC price cycles.
“Almost all of Bitcoin’s annual performance occurs within two months: April and October. It is quite feasible for Bitcoin to achieve a new all-time high before June.”
Seasonal comparison of Bitcoin. Source: Timothy Peterson/X
Over the years, Peterson has developed various Bitcoin price metrics. One of these, the Lowest Price Forward, has effectively set levels beneath which BTC/USD tends not to fall once it crosses above them.
Following its recovery from multi-year lows in March 2020, the Lowest Price Forward indicated that BTC would not trade below $10,000 again after September.
Additionally, a new probable support level has emerged this year at $69,000, which Cointelegraph reported has a “95% likelihood” of holding.
Peterson also suggested a median target of $126,000 with a deadline set for June 1.
Alongside a chart depicting the growth of $100 in BTC, he emphasized that weak performance during bull markets is typically short-lived.
“Bitcoin’s average duration below trend is 4 months,” he explained.
“The red dotted trend line represents $126,000 by June 1.”
Comparison of $100 growth in Bitcoin. Source: Timothy Peterson/X
A typical Bitcoin bull market pullback
Related: Monitor these Bitcoin price levels as BTC revisits key $84K resistance
“You don’t need to reference past BTC bull runs to recognize that corrections are part of the cycle,” trader and analyst Rekt Capital mentioned in an analysis on X at the beginning of March.
Rekt Capital identified five “major pullbacks” within the current cycle, tracing back to the start of 2023.
BTC/USD 1-week chart. Source: Rekt Capital/X
Analysts at the crypto exchange Bitfinex informed Cointelegraph this weekend that the current lows signify a “shakeout” rather than the conclusion of the current cycle.
This article does not provide investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making decisions.
