Market analyst Kevin Cage has hinted at the potential timeline that the price of Bitcoin (BTC) can retest history by breaching its previous All-Time High (ATH).
Since Bitcoin’s price fell from its previous ATH of $68,789.63, it has struggled to reach this level despite the enormous fundamentals backing its potential growth.
In his deep study of the Bitcoin price on the monthly chart, Kevin Cage said on X that Bitcoin is approximately in the 1,036th day of its previous 2 cycles on the monthly chart.
Bitcoin is trading for $43,871, down 0.37% in the past 24 hours. From this price range moving on, Kevin noted that Bitcoin needs approximately a 57% growth to retest the ATH. Whether this feat is possible in the short term is a different ball game.
Bitcoin to ATH: Potential Timeline
The general charter in the crypto ecosystem regarding Bitcoin’s price is that the asset is on track to print more bullish runs in the mid to long term. What remains unknown is the exact timeline the coin will flip its ATH and how high it may rise in this current market cycle.
To the analyst, there are two major ways to estimate the timeline Bitcoin will make this history again. First, he highlighted the use of the length of the current market cycle which will usher in the ATH anytime from March to July of this year.
However, if the projection hinged on the ATH peak price, he claimed the asset wouldn’t breach the price level before March 2025. This latter estimation is a deviation from many expert predictions that suggest Bitcoin may soar beyond the $80,000 price mark this year according to Bitwise.
The ETF and Halving Catalysts
As a way to depict the uncertainties that the crypto ecosystem embodies, Kevin Cage noted that following the past cycle lengths does not necessarily guarantee that Bitcoin will breach this level soon.
The potential approval and launch of spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC) might skew things in BTC’s favor. Additionally, the upcoming Bitcoin Halving event may also bolster the bullish narratives of the coin as this event typically has a positive impact on price.