Bitcoin prices could be on the verge of a significant upward move, if historical market cycle patterns are any indication. Examining past cycles suggests that Bitcoin (BTC) may experience substantial gains following the breach of previous all-time highs.

In the 2013 cycle, Bitcoin peaked at around $1,130 but did not surpass this level until March 2017. Once it did, BTC prices doubled within three months. Similarly, after the 2017 all-time high of $20,000 was broken in December 2020, BTC prices doubled in just one month.

Fast forward to 2021, when Bitcoin hit an all-time high of $69,000. Since surpassing this level in March 2024, the pattern suggests BTC prices could potentially double to around $140,000 within the next few months, if historical trends hold true.

On May 23, “Alpha Analysis” provided a detailed examination on X (formerly Twitter), highlighting that in both 2014 and 2017, Bitcoin experienced multi-week corrections after reaching new all-time highs before entering a parabolic rise.

“In 2017 the price of Bitcoin doubled in just 4 weeks after it established brand new all-time highs. In 2021 the price of Bitcoin doubled in just 4 weeks after it established brand new all-time highs. In 2024 the same action would imply a $138,000 price by the end of June,” Alpha Analysis stated.

Bitcoin's recent market behavior appears to be aligning with these past patterns. After a 23% correction by May 2, BTC has remained largely range-bound since breaking the 2021 all-time high on March 12.

Analyst Will Woo echoed these optimistic sentiments on May 22, noting that while Bitcoin's price had not risen significantly in the last two months, available BTC was quietly being accumulated. “Last time I’ll say it… It’s only a matter of time before BTC squeezes past all-time highs,” Woo posted on X.

Glassnode analyst James Check added that the market has not yet entered the euphoric phase typical of bull cycles. “In my view, we’re quite far from the true Euphoria phase of this bull market. You could argue we’re on the boundary between Enthusiasm and Excitement, but not yet Euphoric,” Check tweeted.

Bitcoin prices are currently trading near their November 2021 all-time high, forming a solid support base. BTC dipped 0.5% on the day, trading at $69,500 during Thursday morning's Asian trading session. A further decline could see support at $67,000, while a move higher would encounter resistance at $71,000.

Ethereum has maintained its recent gains, with the crypto community eagerly awaiting the US Securities and Exchange Commission's decision on approving the country’s first spot ETH ETF. At the time of writing, ETH was trading at $3,776.

Altcoins, meanwhile, have either remained flat or declined marginally, not keeping pace with the recent rallies in BTC and ETH.

Bitcoin's historical patterns and current market behavior suggest the possibility of a significant price surge in the coming months. With strong community support and strategic accumulation by investors, BTC could be primed for another major move upward, potentially doubling its value by mid-year.