Bitcoin’s Bull Rally Could Last Another 350 Days, Driven by Institutional ETF Inflows

Despite a recent drop, Bitcoin’s bull rally could last for another 350 days, according to a report by Bybit and BlockScholes.

CoinChapterInstitutions Drive Bitcoin's 2024 Rally, Bull Run May Last 350 Days More

CoinChapterInstitutions Drive Bitcoin's 2024 Rally, Bull Run May Last 350 Days More YEREVAN (CoinChapter.com) — Despite a recent drop, Bitcoin’s bull rally could last for another 350 days, according to a report by Bybit and BlockScholes. The analysis is based on historical data from previous Bitcoin cycles.

Institutional Investors Fuel Bitcoin’s 2024 Rally, Driven by ETF Inflows

The report points out that institutional inflows, especially from Bitcoin ETFs, have significantly impacted Bitcoin’s price this year. Since the launch of BTC Spot ETFs in early January 2024, Bitcoin’s price movements have closely followed these ETF inflows.

Institutions are driving this rally, unlike previous cycles where retail investors had more influence. Retail participation has been lower in this cycle, possibly due to a decrease in personal savings after a period of high inflation.

Bitcoin’s Trough-to-Peak Ratio Signals Potential 350-Day Rally Extension

The report analyzes Bitcoin’s trough-to-peak ratio, which helps in understanding price trends. Currently, Bitcoin has a trough-to-peak ratio of 3.5x, lower than the 20x ratio seen in earlier cycles. Bybit and BlockScholes suggest that Bitcoin’s bull rally could continue for another 350 days, possibly extending into the third quarter of 2025.

According to Nathan Thompson, lead tech writer at Bybit,

“First, at the beginning of the cycle, we see BTC spot price recover from its cycle lows back towards the all-time high value that it recorded in the previous cycle. Then, we have in each case observed BTC spot price push past that previous all-time high into new, unexplored higher price levels.”

This analysis aligns with those of other crypto analysts, such as Rekt Capital, who posit that we are 42.5% through the current bull cycle.

BTC Eyes Recovery with $63K Target After Recent Drop

Bitcoin recently dropped to five-month lows, but the report suggests that the cryptocurrency could recover its post-halving bull market trajectory if it rises above $63,000 before the end of 2024. At this rate, BTC could reach $100,000 by 2025.

The report emphasizes the significance of this price level, stating that falling below it could impact the current rally, while recovering it might lead to further gains. Bitcoin’s recent decline occurred alongside a $510 billion crypto market sell-off, affecting many assets, but there is potential for recovery if institutional inflows continue.

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