Bitcoin Poised for New All-Time Highs in 2024, Extending Growth into 2025: Report

CCData’s July 2 H2 Outlook Report suggests Bitcoin’s anticipated parabolic growth, typically seen after halving events, has yet to occur this cycle. Despite hitting an all-time high of $73,737 in March, Bitcoin’s current price is $60,463, a 97% increase over the past year.

Potential for New All-Time Highs

The report notes Bitcoin’s price action has remained between $72,000 and $59,000 post-halving on April 19, while equity indices like SPX and NASDAQ reached new highs. Despite a recent drop in trading activity on centralized exchanges, CCData believes historical trends indicate an extended growth period could push Bitcoin prices higher into 2025.

Historical Halving Cycles and Price Expansion

Historically, Bitcoin’s price expands significantly post-halving, with cycle tops occurring 366 to 548 days after the event. This pattern suggests that the current cycle may follow suit, potentially reaching new heights in 2024 and beyond.

Institutional Influx and Market Maturation

The report highlights significant industry developments, including the launch of spot Bitcoin ETFs in the US, which amassed over $55 billion in net assets by June. The expected introduction of Ethereum ETFs and ETPs in multiple jurisdictions is likely to attract further institutional and retail investment, driving Bitcoin prices higher.

Conclusion

While trading activity may remain low in the third quarter, CCData’s analysis suggests that Bitcoin’s sideways price action is temporary, and new all-time highs could be reached before the end of the year. The increased involvement of institutional investors marks a positive shift, signaling Bitcoin’s maturation as a viable alternative investment.