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Bitcoin’s recent price volatilityincluding a crash below $50,000 last month, has slowed the economy’s momentum significantly bull run that many analysts are anticipating. Despite the price drop, a certain crypto analyst believes that the Bitcoin bull run is still on track, predicting a sharp rise to over $100,000 once the current price corrections stabilize.
Bitcoin Bull Run is still going strong
Popular crypto analyst CryptoCon sees it The recent price drop of Bitcoin as a minor setback, indicating that the cryptocurrency is highly anticipated running of the bulls remains unaffected. The analyst took to X (formerly Twitter) on August 28 to make a bullish prediction for Bitcoin, based on its current price behavior based on historical trend patterns.
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CryptoCon indicated that recent market events or news involved The price drop of Bitcoin and market volatility can be distracting for many investors, causing them to lose sight of the big picture. The analyst shared a detailed message Bitcoin price chart showing all 2013 halving cycles, each clearly showing a similar bullish pattern.
The analyst identified a recurring pattern in Bitcoin’s price movements before and after each halving cycle, where an initial period of decline followed by intense bullish momentum. CryptoCon revealed that Bitcoin’s price witnessed a significant bearish dip in August 2012 before climbing to new highs in 2013.
This trend was clearly visible in the following period halving cycleswith August 2016 and 2020 marked by extended periods of ‘boring’ price action, before a dramatic rise to new highs in 2017 and 2021 respectively. CryptoCon has described this signature bullish year as the “Red Year.”
The analyst describes 2024 as a ‘blue year’, characterized by stable or unexciting price movements. He indicated that this period is probably a build-up or preparation phase before a “Red Year”. Bitcoin’s price reaches a new all-time record.
Based on his analysis of Bitcoin’s historical halving cyclesNotably, CryptoCon increased its conservative estimate for the Bitcoin cycle top, adjusting the range from $90,000 – $130,000 to $110,000 – $160,000.
Other analysts share a similar sentiment
Another crypto analyst, identified as ‘Kyledoops’ on X, shares a similar bullish sentiment for Bitcoin’s future price prospects. According to Kyledoops, Bitcoin’s net capital inflow is slowing This points to a delicate situation where investors’ profits and losses are almost in balance.
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He revealed that historically, periods of reduced capital inflows, such as what Bitcoin is currently experiencing, have often been followed by significant ones price fluctuations and volatility spikes. However, this silence also indicates that huge price swings are coming for Bitcoin.
At the time of writing, Bitcoin’s price is trading at $58,051, reflecting a steep decline of 9.07% over the past seven days, according to CoinMarketCap. Despite persistent bearish trends, the pioneer cryptocurrency continues to reach and stabilize at the $60,000 mark.
Featured image created with Dall.E, chart from Tradingview.com
