Looking at previous cycles could offer insights into where BTC prices might head after surpassing the previous all-time high.

In the 2013 cycle, Bitcoin prices reached around $1,130 but didn't surpass this level again until March 2017. However, within three months after that, BTC prices doubled.

Similarly, when the 2017 all-time high of $20,000 was broken in December 2020, BTC prices doubled within a month.

Given that Bitcoin's 2021 all-time high of $69,000 was exceeded in March, prices could potentially double to around $140,000 in the coming months if history repeats itself.

A similar analysis was provided by "Alpha Analysis" on May 23 in a post on X. They noted that in 2014 and 2017, there were multi-week corrections after the new price peak and before the following parabola.

Bitcoin markets seem to be following this pattern, with the asset experiencing a 23% correction by May 2 but then remaining largely range-bound since breaking the 2021 all-time high on March 12.

Fellow analyst Will Woo shared a similar sentiment on May 22, stating on X that "While everyone was freaking out that Bitcoin price was not rising the last 2 months, available BTC was quietly being scooped up," before adding: "Last time I’ll say it… It’s only a matter of time before BTC squeezes past all-time highs."

Glassnode analyst James Check mentioned that markets are still not at the true euphoria phase of this bull cycle, indicating that "we’re on the boundary between enthusiasm and excitement, but not yet euphoric."

Currently, Bitcoin prices are trading close to their November 2021 all-time high, which is establishing a base of support. The asset dipped 0.5% on the day and was priced at $69,500 during the Thursday morning Asian trading session.

A potential drop from this level could see it retreat to support at $67,000, while a move higher would encounter resistance at $71,000.

Meanwhile, Ethereum has maintained recent gains as the crypto community awaits the decision of the US Securities and Exchange Commission on whether to approve or deny the country’s first spot ETH ETF. Ethereum was trading at $3,776 at the time of writing.

Altcoins, however, have either remained flat or slightly declined and have not kept pace with BTC or ETH during the recent rally.