Bitcoin is currently trading in a tight range between $67,000 and $65,500, showing unclear direction in the market. This lack of direction is due to unexpected economic data and the recent impact of Spot ETH ETFs approval taking away bitcoin from the limelight.
Many in the crypto community expected, that the Bull Run would begin after the Bitcoin halving event held in April 2024, but things took a downturn. Looking at the historical Bitcoin halving pattern well-known crypto analyst Rekt Capital has outlined the possible timeline for when the next Bitcoin Bull Run will truly begin.
Current Cycle Ahead of Previous One
While historical data provides valuable insights, Rekt Capital also notes that Bitcoin’s current cycle is moving faster than expected compared to previous cycles, about 170 days ahead of past cycles. This faster pace adds uncertainty to when Bitcoin’s peak might happen this time around.
Currently, Bitcoin’s price is trending downward after a brief recovery to $68000. BTC’s price has now dropped to around $65,650, as it failed to break above $70000 again.
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