In its latest analysis, cryptocurrency analytics firm CryptoCon has identified November 2024 as the expected time for Bitcoin (BTC) to reach its all-time high (ATH).
The firm based its forecast on historical data and technical indicators, particularly the 2-week Ichimoku Cloud, which it claims has been a reliable predictor in previous market cycles.
According to CryptoCon, over the last two Bitcoin cycles, the 2-week Ichimoku Cloud has accurately timed new ATHs via a bullish crossover following the red cloud in the middle of the cycle. This crossover signaled the start of a major rally, eliminating the need to wait for traditional moving averages to cross. Instead, CryptoCon claims that it highlights the importance of prominent openings within the Ichimoku Cloud, providing an early signal of an incoming price rally.
The firm notes that the current Bitcoin cycle is ahead of schedule compared to previous ones. Historically, no cycle has reached new ATHs before November 28 in the Blue Year, the term used for the post-halving phase of the cycle. This pattern suggests that BTC could be on track to break new price records in November, but the real fireworks are not expected until March 2024, according to the firm.
*This is not investment advice.