Bitcoin’s recent price volatilityincluding a drop below $50,000 last month, has significantly slowed the momentum of the bull run that many analysts are anticipating. Despite the lull in prices, a certain crypto analyst believes that Bitcoin’s 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 The recent Bitcoin price drop as a minor setback, suggesting that the long-awaited cryptocurrency launch bullfight remains unfazed. The analyst took to X (formerly Twitter) on August 28 to make a bullish forecast 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 involving Bitcoin Price Drop and market volatility can distract many investors, causing them to lose sight of the bigger picture. The analyst shared a detailed Bitcoin Price Chart Representing all 2013 halving cycles, each clearly exhibiting a similar bullish pattern.
The analyst identified a recurring pattern in Bitcoin’s price movements before and after each halving cycle, highlighting an initial period of decline followed by an intense upward momentum. CryptoCon reported that in August 2012, the price of Bitcoin witnessed a significant drop before reaching new highs in 2013.
This trend became evident in subsequent years. halving cycleswith August 2016 and 2020 marked by long periods of “boring” price action before a dramatic rise to new highs in 2017 and 2021, respectively. CryptoCon described this distinct bullish year as the “Red Year.”
The analyst describes 2024 as a “Blue Year” characterized by flat or unexciting price movements. He indicated that this period is likely a build-up or preparation phase before a “Red Year,” where Bitcoin Price reaches a new all-time high.
Based on your analysis of Historical Bitcoin Halving CyclesCryptoCon has notably increased its conservative estimate for the top of the Bitcoin cycle, adjusting the range from $90,000–$130,000 to $110,000–$160,000.
Other analysts share similar sentiment
Another crypto analyst identified as ‘Kyledoops’ on X shares a similar bullish sentiment regarding Bitcoin’s future price outlook. According to Kyledoops, Bitcoin’s Net Capital Inflows Are Slowing Down significantly, indicating a delicate situation in which investors’ gains and losses are almost balanced.
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He revealed that historically, periods of decreasing capital flow, such as the one Bitcoin is currently experiencing, have often been followed by significant price fluctuations and volatility spikes. However, this lull also suggests that massive price swings could be just around the corner for Bitcoin.
At the time of writing, Bitcoin’s price is trading at $58,051, reflecting a steep 9.07% decline over the past seven days, according to CoinMarketCap. Despite persistent bearish trends, the pioneering cryptocurrency remains intent on reaching and stabilizing above the $60,000 price mark.
Featured image created with Dall.E, chart from Tradingview.com