A crypto analyst warns that Bitcoin may only have a few months left for a price recovery, especially if it follows the historical pattern of 2020.
Crypto analyst Rekt Capital stated in a video on Thursday (July 3) that "we have a very short time and price recovery period left." His prediction is based on Bitcoin's market trends from five years ago.
Rekt explained that if Bitcoin's cycle follows the 2020 pattern, the market could peak in October, which is 550 days away from the Bitcoin halving in April 2024.
Rekt said, "This could mean we only have two to three months left in this bull market."
Rekt acknowledged that many market participants overlook the halving cycle and predict a possible "cycle extension" that could last until 2026.
"Many people are eager to discard time-tested principles, but it is actually very important to rely on these indicators because they won't shake you like abandoning everything would."
He mentioned that they are setting aside halving cycle indicators to "chase new narratives," such as the correlation between Bitcoin and the global M2 money supply.
Just last Wednesday (June 25), crypto analyst Crypto Auris stated, "With the expansion of the global money supply, Bitcoin's next target is around ~$170K, following the flow of funds."
According to CoinMarketCap data, as of the time of writing, Bitcoin is trading at $109,155, just 2.5% below its historical high of $111,970.
Rekt noted that focusing on new indicators is an impulsive reaction. "It's also an emotional thing; you don't want emotional matters to affect your judgment," he said.
However, several crypto analysts believe that due to the surge in institutional adoption of Bitcoin, the typical Bitcoin halving cycle is now less reliable than it was in previous cycles.
On Thursday (July 3), Standard Chartered's head of digital asset research, Geoff Kendrick, stated, "Due to increased investor inflows, we believe BTC has surpassed the previous dynamic of prices falling 18 months after the 'halving' cycle."
In May, Standard Chartered predicted that Bitcoin would reach $200,000 by the end of the year, a forecast also made by wealth management firm Bernstein. Both predictions are below the more bullish $250,000 year-end target set by BitMEX co-founder Arthur Hayes.
Related: U.S. Senator Cynthia Lummis drafts independent crypto tax legislation
Original article: “Analyst Says Bitcoin (BTC) Bull Run May Fade in 2-3 Months”
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