As a seasoned cryptocurrency analyst with a decade of experience under my belt, I have seen the market ebb and flow like the tides. The recent price crash of Bitcoin (BTC) may have left some investors wary, but I remain optimistic about its future outlook.
A crypto analyst has emphasized the need to stay invested in Bitcoin (BTC), forecasting a significant breakout to the upside. Despite BTC’s previous price crash and market volatility, the analyst has remained bullish on the cryptocurrency’s future outlook.
Bitcoin Bullish Surge Incoming
On August 20th, a well-known cryptocurrency analyst known as ‘CryptoCon’ shared insights about Bitcoin via a comprehensive price graph on their (previously known as) X platform. The analyst believes that we are nearing the most exhilarating phase of Bitcoin’s market cycle.
CryptoCon has suggested that leaving BTC now is akin to leaving before the market fully rebounds. His bullish expectations of Bitcoin is based on a metric called the “Puell Multiple cycle.”
The Puell Multiple cycle is a metric that compares the daily issuance value of Bitcoin to its average over the past year. CryptoCon points out that historically, BTC has shown predictable patterns of resistance and support levels during its cycles on the Puell Multiple.
This suggests that Bitcoin is currently in a low point and set to witness a major upward rally. Sharing a price chart tracking Bitcoin’s price movements from 2010 to 2026, the analyst highlighted all the bull cycles BTC has experienced over the years.
The analyst pointed out that each time Bitcoin has reached a middle phase of its cycle, it’s subsequently experienced a major uptrend, or bull market. For instance, in August 2012, Bitcoin peaked at its mid-level, sparking a powerful bull run in the following year (2013). The same pattern occurred in June 2016, when it touched another mid-cycle peak, which was followed by a bull run in 2017. Finally, in 2019, Bitcoin peaked again during its middle cycle, paving the way for a significant bull run in 2021.
According to the patterns observed in Bitcoin’s historical bull runs, the analyst believes we saw its mid-cycle peak around March 2024 when it hit an unprecedented high of over $73,000. This prediction suggests that Bitcoin could experience another bull market by 2025 as per CryptoCon’s forecast.
BTC Megaphone Signals Imminent Breakout
In another post, the well-known crypto expert ‘Jelle’ has shared optimistic forecasts about Bitcoin’s potential future worth. He pointed out an unusual Wedge/Megaphone formation in Bitcoin’s price graph. This pattern is recognized by its shape similar to a megaphone or cone.
Jelle has disclosed that this unusual pattern frequently signals a cryptocurrency is poised for further gains. He posits that when Bitcoin’s price adjustment concludes, the cryptocurrency may surge beyond the Megaphone pattern, triggering substantial price rises.
According to this trend, it’s anticipated that Bitcoin might hit new record prices around the last three months of 2024 (Q4). Currently, the cost of a single Bitcoin is being transacted at approximately $59,460, as per CoinMarketCap.
Read More
- SOL PREDICTION. SOL cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD COP PREDICTION
- TON PREDICTION. TON cryptocurrency
- USD PHP PREDICTION
- USD ZAR PREDICTION
- ENA PREDICTION. ENA cryptocurrency
- Top gainers and losers
- GLMR PREDICTION. GLMR cryptocurrency
2024-08-22 05:11