Bitcoin could reach new record highs by June if historical price patterns hold, according to network economist Timothy Peterson. His analysis, shared on social media platform X, suggests that BTC/USD has approximately two and a half months to surpass its previous peak of $109,000.
Historical Trends Indicate Potential 50% Surge
Bitcoin has experienced a 30% decline since hitting a local high in mid-January. While corrections of this magnitude are typical in bull markets, Peterson believes a recovery is imminent.
“Bitcoin is trading near the low end of its historical seasonal range,” he noted, referencing past BTC price cycles. “Nearly all of Bitcoin’s annual performance occurs in two months: April and October. It is entirely possible that Bitcoin could reach a new all-time high before June.”
Price Floor Holding Strong
Peterson has developed several Bitcoin price models over the years, including the Lowest Price Forward metric, which has historically identified price levels that BTC/USD does not fall below after crossing certain thresholds. Following Bitcoin’s recovery from multi-year lows in March 2020, this model suggested that BTC would remain above $10,000 from September that year onward.
In 2024, the model has indicated a new likely floor at $69,000, with a 95% probability of holding. Peterson also set a median price target of $126,000 by June 1, supporting his prediction with historical data showing that Bitcoin tends to stay below trend for an average of four months before rebounding.
Market Experts See Typical Bull Market Behavior
Other analysts and traders agree that Bitcoin’s recent dip to $76,000 is part of a standard market cycle correction rather than a sign of a broader downturn.
“You don’t have to look at previous bull runs to understand that corrections are part of the cycle,” remarked market analyst Rekt Capital, who has identified multiple similar pullbacks since early 2023.
Meanwhile, analysts at crypto exchange Bitfinex echoed this sentiment, describing the current price movement as a “shakeout” rather than the end of Bitcoin’s upward trajectory.
With April approaching—a historically strong month for Bitcoin—the market is now watching closely to see if Peterson’s prediction of a surge to new all-time highs will materialize.
