As an analyst, I’ve been observing the cryptocurrency market, and despite its recent volatility, it seems that Bitcoin, the leading digital asset, is exhibiting indications of an approaching significant surge. This could potentially lead to a new record high, suggesting a potential bullish shift in its price trend.
Bitcoin’s Mega Bull Run Begins To Unfold
According to reports, Bitcoin is predicted to experience rapid expansion as it approaches a significant turning point, which could propel its value to unparalleled levels. This potential milestone has been recognized by market analyst and trader, Ether Nasyonal, sparking interest within the cryptocurrency community.
Based on the insights shared by market experts, it seems we’re witnessing the initial phase of a massive Bitcoin price surge – an exciting development for the crypto community. This prediction aligns with the growing conviction that Bitcoin could experience a major breakthrough, as numerous analysts and investors predict substantial growth in the value of this digital currency.
According to the expert’s prediction, several essential factors and past price movements, along with an examination of the Elliot Wave – a significant technical tool that identifies repeating price patterns over the long term linked to ongoing changes in investor sentiment, are taken into account.
Looking at these signs and patterns, Nasyonal pointed out that it could be straightforward to predict Bitcoin’s trajectory by taking the November 2021 candle as a reference. He emphasized that the upper limit of this candle, which is being retested now, stands at $61,352, while the lower limit resides at $56,955.
In a different post, Nasyonal noticed an intriguing trend in Bitcoin’s monthly graph. He believes that Bitcoin could be at the early stages of a massive bull run leading to a new record high or cycle peak based on his analysis of the candlesticks on the monthly chart since 2014.
National highlighted that since 2014, the cryptocurrency asset has formed approximately 32 candlestick patterns prior to entering its rapid growth or parabolic phase during each cycle. His research primarily concentrates on the time gap between the initiation of each bear market period and the commencement of a major bull run.
In the year 2014, when the bear phase for Bitcoin began, it required 32 price chart segments (candlesticks) before it moved into a massive bull market in 2016, and this pattern was also seen from 2018 to 2020. Now, during the latest cycle, Bitcoin has again shown 32 candlesticks since the bear phase started in 2022. This pattern indicates that another major bull run might be approaching.
BTC’s Price Faces More Downtrend
As a crypto investor, I’ve noticed that Bitcoin’s value has been undergoing significant negative pressure, leading to a substantial drop in its price. This decline has sparked increased speculation about its near-term prospects. Since surpassing the $64,500 mark on Monday, Bitcoin seems to have embarked on a downward trend.
Currently, Bitcoin (BTC) is showing signs of a bearish trend because its price has dropped below $61,000. This decline might be due to reports that the U.S. government could potentially sell a significant amount of coins, associated with the Silk Road darknet marketplace, following the Supreme Court’s decision on October 7.
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2024-10-10 23:11