"It could take three to five months for bitcoin to re-test recent highs," H.C. Wainwright analyst Mike Colonnese told CNBC.
BTC.CM= 3M mountain Bitcoin has fallen 11% this quarter Bitcoin miners offer high beta exposure to bitcoin and have historically outperformed it during bull cycles, he added.
Colonnese also pointed out that corrections between 25% and 30% are "par for the course" for bitcoin, even in bull cycles.
"Looking at previous price cycles, bitcoin has historically peaked between one to one and a half years after a halving event with the bull stage running longer in each subsequent cycle," Colonnese said.
"Assuming a similar duration for this bull stage of the price cycle, bitcoin may not reach its cycle peak until October 2025," Colonnese added.
Persons:
it's, bitcoin, Wainwright, Mike Colonnese, Wolfe, Rob Ginsberg, Colonnese, Bitcoin, It's, — CNBC's Michael Bloom
Organizations:
U.S, Metrics, CNBC, Wolfe Research