Bitcoin (BTC<\/a>) can hit new all-time highs by June this year if historical patterns repeat, network economist Timothy Peterson said.<\/p>\n Data<\/a> uploaded to X on March 15 gives BTC\/USD around two-and-a-half months to beat its $109,000 record.<\/p>\n Bitcoin has declined 30% after topping out in mid-January. The extent of the drop is characteristic of bull market corrections, and Peterson keenly senses the potential for a comeback.<\/p>\n \u201cBitcoin is trading near the low end of its historical seasonal range,\u201d he determined alongside a chart comparing BTC price cycles.\u00a0\u00a0<\/p>\n \u201cNearly all of Bitcoin’s annual performance occurs in 2 months: April and October.\u00a0 It is entirely possible Bitcoin could reach a new all-time high before June.\u201d<\/p><\/blockquote>\n Bitcoin seasonal comparison. Source: Timothy Peterson\/X<\/em><\/p>\n<\/figcaption><\/figure>\n Peterson has created various Bitcoin price metrics over the years. One of them, Lowest Price Forward, has successfully defined levels below which BTC\/USD never falls after a crossing above them at a certain point.\u00a0<\/p>\n After its recovery from multi-year lows in March 2020, Lowest Price Forward predicted that BTC price would never trade under $10,000 again from September onward.<\/p>\n Meanwhile, a new likely floor level has appeared this year: $69,000, as Cointelegraph reported<\/a>, which has a \u201c95% chance\u201d of holding.<\/p>\n Continuing, Peterson stipulated a median target of $126,000 with a deadline of June 1.\u00a0<\/p>\n Alongside a chart showing the performance of $100 in BTC, he also revealed that limp bull market performance has always been temporary.<\/p>\n \u201cBitcoin average time below trend = 4 months,\u201d he explained<\/a>.<\/p>\n \u201cThe red dotted trend line = $126,000 on June 1.\u201d<\/p><\/blockquote>\n Bitcoin growth of $100 comparison. Source: Timothy Peterson\/X<\/em><\/p>\n<\/figcaption><\/figure>\n Other popular market commentators continue to emphasize that Bitcoin\u2019s recent trip to $76,000 is standard corrective behavior.<\/p>\n Related: <\/strong><\/em>Watch these Bitcoin price levels as BTC retests key $84K resistance<\/strong><\/em><\/a><\/p>\n \u201cYou don\u2019t have to look at the previous BTC bull runs to understand that corrections are a part of the cycle,\u201d popular trader and analyst Rekt Capital wrote<\/a> in part of X analysis of the phenomenon at the start of March.<\/p>\n Rekt Capital counted five of what he called \u201cmajor pullbacks\u201d in the current cycle alone, going back to the start of 2023.<\/p>\n BTC\/USD 1-week chart. Source: Rekt Capital\/X<\/em><\/p>\n<\/figcaption><\/figure>\n Analysts at crypto exchange Bitfinex told Cointelegraph<\/a> this weekend that the current lows mark a \u201cshakeout,\u201d rather than the end of the current cycle.<\/p>\n This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\nBitcoins April could spark 50% BTC price upside<\/h2>\n
Bitcoins A standard Bitcoin bull market comedown<\/h2>\n