Bitcoin's recent drawdown has been a cause for concern, with the price lingering amid spot ETF selloffs. However, top market analyst Ali Martinez believes that if historical patterns are repeated, the cycle top might not be achieved until later this year.

Martinez analyzed Bitcoin's price performance from cycle lows over different periods, including 2011 to 2015, 2015 to 2018, 2018 to 2022, and 2022+. The data suggests that at some points, the price of Bitcoin hit a peak. Armed with this historical data, Martinez predicts that if the current Bitcoin cycle mirrors the last three cycles, the market could see a major bull run by December 2024 and October 2025.

This projection is supported by some previous predictions from industry experts. Jack Mallers, CEO of Strike, believes that Bitcoin could surge between 260% and 1,357% in the coming months. Mallers also predicts that the coin could hit $250,000 to $1 million within the next 10 to 18 months. Similarly, Bernstein predicts that BTC will hit $200,000 by 2025 and even more boldly, the analyst notes that the flagship crypto will reach $1 million by 2033.

Currently, the coin is on a downtrend, trading at $64,494.51 with a 2.70% decrease in the last 24 hours. The Bitcoin price has dropped to its one-month low and a crucial support level of the 50-day moving average, indicating the short-term downtrend in the crypto. However, there is hope that spot Bitcoin ETF demand and other metrics could drive the price of the flagship cryptocurrency by a significant percentage.

Despite the current bearish trend, the Bitcoin ETF market is reeking of outflows, solidifying the headwind. Recent data from Farside Investors revealed a substantial net outflow of $226.2 million from the US Bitcoin spot ETF market. Additionally, Farside also reported a complementary net outflow of $146 million from the offering. If this trend persists, Bitcoin may need other metrics to fuel its transition to a bull run.