History suggests bitcoin will likely hit a new all-time high this year, report says

Bitcoin has not reached the top of its current appreciation cycle and is likely to go past its all-time high this year, according to a research report released by CCData on Tuesday.

Bitcoin hit an all-time high of above $73,700 in March but has since been trading within a range between roughly $59,000 and $72,000.

The journey to the record high in March was largely driven by the approval and launch of the spot bitcoin exchange-traded funds, or ETFs, in the U.S. in January. They have attracted net inflows to date of around $14.41 billion to date, according to CCData.

ETFs allow investors to buy a product that tracks the price of bitcoin without owning the underlying cryptocurrency. Crypto proponents say this has helped legitimize the asset class and make it easier for larger institutional investors to get involved.

The bitcoin "cycle" refers to the period in which the digital currency ascends to a new record high, then falls again to enter a bear market or "crypto winter." These cycles — of which three have now been completed since the launch of bitcoin — have tended to follow a similar pattern.

That has been centered around an event called the halving, during which the reward for miners is cut in half, reducing the supply of bitcoin onto the market.

Typically, halving often occurs months before bitcoin hits an all-time high for the cycle. This current cycle has been different. Bitcoin rose to its latest record high before halving due to the bullishness around the ETFs in the U.S.

With bitcoin trading within a range after the all-time high, many have questioned whether the cryptocurrency has reached the top of the current cycle.

CCData's report, which examined historical bitcoin price movements, suggests it can reach a new