Key Takeaways
- Bitcoin (BTC) has surged to over $69,000, breaking its previous all-time high since late 2021.
- Looking back at previous bull markets, Bitcoin took three years to surpass the $20,000 milestone reached in December 2017. It achieved this again in December 2020, followed by a steady ascent to its peak of around $42,000 in January 2021.
- Major altcoins like Ethereum (ETH) and XRP (XRP) are expected to benefit from Bitcoin’s success, with speculation focusing on the potential for exchange-traded funds (ETFs) for these coins.
There is currently a lot of excitement in the crypto markets this week as Bitcoin (BTC), the leading cryptocurrency, has been on a massive rally, reaching over $69,000 for the first time since late 2021, breaking its all-time high price record. Let us take a look at previous bull markets to get a sense of what might come in the next few weeks.
Crypto Bull Market Historical Data
If you rewind back to 2020, the peak price remained at approximately $20,000, a milestone reached in December 2017. It actually took Bitcoin three years to surpass this barrier, achieving it once again in December 2020.
Following this, Bitcoin experienced a steady ascent over the next four weeks, ultimately reaching its peak at around $42,000 in January 2021, more than doubling the previous record.
What About Altcoins?
Major altcoins such as Ethereum (ETH) and XRP are expected to be the biggest immediate beneficiaries of Bitcoin’s success because much of the speculation has now shifted toward exchange-traded fund (ETF) possibilities for both of these coins.
Final Thoughts
Over the last nine years, Bitcoin has hit all-time highs 148 times, and it has continued going upwards after that 4 out of 5 times. We will see if the crypto market keeps rising after this week, but 80% of the odds are about as good as you will get in crypto investing. Of course, let us not forget that it is not a guarantee.
