As a seasoned crypto investor with a knack for spotting trends and patterns, I find Trader Tardigrade’s analysis intriguing. His comparison of Bitcoin’s current cycle to its previous one, based on the 20-month recovery timeline, resonates with my own observations over the years.
Some people are questioning whether Bitcoin will bounce back after its recent drop, but a well-known cryptocurrency expert named Trader Tardigrade has expressed optimism about a significant increase in Bitcoin’s price within the next few months. He believes that Bitcoin still holds great potential for substantial growth over the long term.
New All-Time High Looms For Bitcoin With Super Bull Run
According to market expert and cryptocurrency commentator Trader Tardigrade, the price of Bitcoin is expected to experience significant growth in the near future, potentially leading to a powerful bull run. This prediction was shared by Tardigrade through his insightful comments on Bitcoin’s price trends in the long term on platform X (previously known as Twitter).
Based on a crypto specialist’s analysis, Bitcoin typically requires around 20 months to rebound from a bear market and reach its previous peak during a bull phase. Interestingly, the expert observes that this pattern seems to be repeating itself in the current cycle, as Bitcoin has taken approximately 20 months before hitting its latest all-time high once more.
After contemplating previous trends since this recent development, Tardigrade anticipates an extended bull market in the near term, potentially leading to unparalleled growth for the digital asset within the current bullish phase.
The post read:
In simpler terms, it took Bitcoin approximately 20 months to recover from its bear market and reach its previous peak in the past cycle. Currently, Bitcoin has also taken around 20 months to return to that same high point, signifying a typical bull run. However, some analysts predict an even stronger bull run is on the horizon based on recent trends.
This bullish prediction coincides with a steady shift in market attitude from cautious optimism to outright exuberance, as investors anticipate significant gains shortly.
BTC Forms Descending Broadening Triangle Pattern
It seems that Trader Tardigrade is quite hopeful about Bitcoin’s capacity for significant expansion, pointing out a Descending Broadening Triangle formation on the Bitcoin chart as evidence. In simpler terms, the descending broadening triangle represents two lines connecting a series of lower highs and lower lows, which often appear during a downtrend but can signal an upcoming bullish trend.
Tardigrade pointed out that Bitcoin has been trending within a widening triangle formation since the market downturn, similar to its pattern during the 2019 and 2020 cycles. If it breaks free from this pattern as it did before, we could potentially see an increase of more than 700% in price, with Bitcoin rising from around $10,000 to $70,000.
By following the pricing trend seen from 2019-2020, the analyst is possibly predicting a comparable price surge in this prolonged bull market. If the cryptocurrency follows suit, it could potentially soar from its current value of $60,000 up to approximately $420,000, suggesting a staggering 700% growth by the end of this bull run.
Currently, Bitcoin (BTC) is showing positive momentum, experiencing a surge of more than 6% over the past week to reach approximately $60,900. While its market capitalization has grown by around 3% within the last day, its trading volume has seen a decrease of roughly 18%.
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD ZAR PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- CKB PREDICTION. CKB cryptocurrency
- EUR ILS PREDICTION
- USD COP PREDICTION
- HUDI PREDICTION. HUDI cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- REF PREDICTION. REF cryptocurrency
- BICO PREDICTION. BICO cryptocurrency
2024-08-14 22:42