(MENAFN- Daily Forex) Bitcoin (BTC) got back to its winning ways over the past week as the top crypto joined gold in rallying to a new all-time high, hitting a price of $126,351 on Monday amid sustained heavy inflows into the U.S.-listed spot BTC ETFs.

Data provided by TradingView shows that following King Crypto's price surge on October 1st, BTC printed green candles for five consecutive days, peaking on October 6th and establishing a new record high.

BTC/USD 1-day chart. Source: TradingView

Bitcoin has since pulled back to support at $122,000 as bulls take a breather, with analysts saying the pause is just temporary as BTC has yet to hit overbought conditions.

After noting that the top crypto has grown by 92% since the last halving on April 20, 2024, market analyst Arab Chain highlighted that“technical indicators suggest the price is still moving within a stable range far from the overbought conditions that typically precede historical peaks.

With the current cycle unfolding differently from all previous cycles, the debate is now raging as to whether we've reached the end of the typical four-year cycle.

“Historically, Bitcoin tends to reach its cycle peaks between 500 and 600 days after halving,” said Arab Chain.“If this pattern holds, the market is currently within the critical window that has previously led to major bull market tops, as seen in 2013, 2017, and 2021.”

“Overall, Bitcoin appears to be in a phase of balanced upward momentum, marked by moderate signs of institutional accumulation and supply consolidation,” they added.“As the cycle progresses toward historically significant timing zones, the question remains: will this cycle echo past rallies or will it usher in a more measured and mature bull run?”

According to renowned market analyst Peter Brandt, the answer to that question will come soon.

“It is reasonable to expect a bull market high any day now,” Brandt told Cointelegraph on Wednesday.“These cycles from low-to-halving-to-high have not always been the same length, but the post-halving distance of each has always been equal to the pre-halving distance.”

Should this cycle diverge from previous ones, Brandt noted that“Trends that violate the prevailing cyclic or seasonal nature of markets are typically the most dramatic.”

For now, Brandt said he is still undecided about how things will play out.“I will remain bullish, hopeful for counter-cyclicality,” he concluded.“In this case, a move well beyond $150,000 would be my expectation, perhaps as high as $185,000.”

At the time of writing, Bitcoin is trading at $122,266, representing of 2.65% increase on the 7-day chart Surges to New Highs

The other major story in the crypto market this week is the performance of BNB, the native token of BNB Smart Chain (BSC) and a crucial component of the Binance ecosystem.

Data provided by TradingView shows that BNB surged more than 34% since October 1st, hitting a new record high of $1,355 on Tuesday alongside a spike in its 24-hour trading volume above $12 billion.

BNB/USD 1-day chart. Source: TradingView

BNB has since pulled back to support around $1,280, with its market cap sitting around $179 billion, making BNB the third-ranked crypto by market capitalization after it overtook Tether (USDT).

Many view the rally in BNB as a return to risk across the cryptocurrency market. This view is further strengthened by the breakout performance of several tokens in the BSC ecosystem, including STBL and ASTER.

According to crypto market intelligence firm Messari, BNB's“mindshare,” which measures public attention, discussion, and awareness, has increased by 251% to 5.09% over the last seven days, while its price gains have accompanied“very bullish sentiment.”

While some analysts are calling a top for BNB, others remain optimistic that its price will continue to rise – especially since altseason is just warming up, and Bitcoin is also expected to climb higher. Crypto investor and influencer Lark Davis is among the most bullish, noting that the Fibonacci trend lines suggest BNB could potentially hit $2,000 by the end of the year.

At the time of writing, BNB is trading at $1,278, representing a 24.1% increase over the past seven days.

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