Bitcoin continues to hold near its all-time high, with experts suggesting that a new record could be set in the coming days. Data analysis indicates favorable trends.
Current Bitcoin Market Situation
Currently, Bitcoin is not experiencing sharp corrections. It has been 47 days since it last reached its all-time high, and CryptoQuant analyst Axel Adler points out that there have been no declines of more than 20% during this time. This aligns with a pattern where new records are reached within 50 days when deep corrections are absent.
Historical Parallels
Analysis of past market cycles shows that in 2013, 2017, and 2021, Bitcoin also exhibited growth in the absence of significant pullbacks. The time between new high achievements is decreasing, indicating increasing buying pressure.
Impact of the Weak Dollar on Bitcoin
Another CryptoQuant analyst, Darkfost, points to the correlation between a weakening dollar and Bitcoin's rise. According to historical data, when the Dollar Index (DXY) is below its 365-day average, it positively affects Bitcoin's price.
As a potential breakout approaches, analysts emphasize the importance of current market conditions. With no sharp declines and a weakening dollar, Bitcoin has a strong chance to set a new all-time high in the coming days.
