Historically, April and May have been some of the strongest months for Bitcoin (BTC). And if network economist Timothy Peterson is right, this year will be no exception. According to his latest analysis, Bitcoin could break past its previous all-time high of $109,000 within the next two and a half months—with a potential price target of $126,000 before June.

April: The Spark for a Bitcoin Rally?

Since January, Bitcoin has taken a 30% nosedive, which, let’s be honest, is pretty normal in a bull market. Peterson highlights that Bitcoin is currently sitting at the lower end of its historical seasonal range, and he confidently states:

“Nearly all of Bitcoin’s annual performance occurs in 2 months: April and October. It is entirely possible Bitcoin could reach a new all-time high before June.”

This analysis is based on historical price cycles, where Bitcoin has often seen its biggest surges in April and October. If history repeats itself (which it loves to do in crypto), Bitcoin could be in for a major rally in the coming weeks.

Is Bitcoin Ready to Hit a New All-Time High? Analyst Predicts $126,000 Before June — Source: Timothy Peterson / X

Setting a New Floor & Price Targets

Peterson’s Lowest Price Forward Model has an impressive track record of accurately predicting price floors Bitcoin would never dip below. Back in September 2020, his model correctly predicted that Bitcoin would never drop below $10,000 again—and, so far, it’s been right.

For 2024, the model now suggests a new bottom at $69,000 with a 95% probability that BTC will hold above this level. Even more excitingly, Peterson projects a mid-range price target of $126,000 by June 1. He explains:

“Bitcoin average time below trend = 4 months. The red dotted trend line = $126,000 on June 1”

A Healthy Correction in a Bull Market

Other analysts are also downplaying concerns over Bitcoin’s recent dip to $76,000. Rekt Capital reminds investors that Bitcoin has already seen five major pullbacks since early 2023, and each one turned out to be a healthy part of the larger uptrend.

Crypto exchange Bitfinex also sees the recent price drop as a market shakeout, rather than a sign of weakness. This suggests that long-term investors remain unfazed and that Bitcoin is simply recharging for its next leg up.

With April fast approaching and historical performance on Bitcoin’s side, an all-time high before June doesn’t just seem possible—it seems probable. The next few weeks will reveal whether Bitcoin follows its usual seasonal trend or decides to break the rules altogether.

Will Bitcoin skyrocket to $126,000, or is this just another overhyped prediction? The countdown to June 1 has begun!

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Roman B.

I have 6 years of writing experience on several leading websites dealing with cryptocurrencies and other investments. I have been in the Web3 sector for a similar amount of time and have collaborated on several projects from NFT to P2E. My previous experiences: Business2Community.com, TradingPlatforms.com, CryptoSvet.