There is no restriction or limit on the number or type of characters. If you are like most people it is a passcode you have used in the past. To speed up guessing uncheck Encrypt Backup and you will be prompted immediately. Here's a list of successful guesses gleaned from the forum:
- First iTunes account password (40 different users)
- Old iTunes account password, but not the oldest one
- Password used for almost all accounts (3 different users)
- All digit Password created a long time ago
- Computer/laptop login password (4 users)
- Laptop password (2 users)
- Computer password (4 users)
- Email password (3 users)
- iTunes with no capital letters
- Password not used anywhere else
- All numeric used in the past
- Password for old gaming site
- PC password (5 users)
- “iphonelogin”
- work computer password
- Current app store password (2 users)
- Paypal account password
- iPad unlock passcode
- Strongest variation of the base password I have ever used
- Old password
- Old work password
- Macbook password (2 users)
- Restriction passcode
- Gmail password (2 users)
- Current Apple ID password (2 users)
- Apple MobileMe password
- Apple ID password, but all lower case (8 users)
- Apple ID password, first one ever used, but all lower case (2 users)
- iPhone passcode when corporate profile was installed
- Passcode for a website
- iPhone screen unlock passcode (9 users)
- iPhone unlock passcode at the time the first backup was made (3 users)
- First password for work computer
- Old password used over 2 years ago (2 users)
- Previous owner’s iTunes password
- Current laptop password
- Wireless network password
- Electric bill and Skype password
- icloud password, all lower case
- Windows login for very old laptop
- iMac password (3 users)
- First iPhone 4 digit passcode
- iTunes password from last year
- 4 year old password
- iTunes password (current) (3 users)
- Old PC password
- Password for “Good” application
- Password used for everything+1234
- 1234 (4 users)
- 12345 (2 users)
- 0000
- Password I use for everything else (2 users)
- One of my husband’s passwords
- Some old non-Apple product password
- Screen passcode of the first iPhone that was backed up (2 users)
- Old password with different case on first letter
- “password” (2 users)
- Windows Administrator password (2 users)
- Original Windows Administrator password
- Mackbook administrator password
- “iphone”+4 digit unlock code
- Voicemail password
- asd
- “herpderp”
- “darwin” (first name from credit card account)
- First name, all lower case
- Ms Exchange account password
- Facebook password
- Browser password
- Network admin password