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The Bitcoin recent price volatility, including a crash below $50,000 last month, has significantly slowed down the momentum of the bull run many analysts are anticipating. Despite the worth lull, a certain crypto analyst believes that the Bitcoin bull run remains to be on the right track, predicting a pointy rise to over $100,000 once current price corrections stabilize.
Bitcoin Bull Run Still Going Strong
Popular crypto analyst, CryptoCon sees Bitcoin’s recent price drop as a minor setback, suggesting that the cryptocurrency’s highly anticipated bull run stays 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’s price decline and market volatility could also be distracting for a lot of investors, causing them to lose sight of the massive picture. The analyst shared an in depth Bitcoin price chart depicting all of the halving cycles from 2013, each clearly displaying an identical bullish pattern.
Source: X
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 bullish momentum. CryptoCon disclosed that in August 2012, Bitcoin’s price witnessed a big bearish dip before climbing to recent highs in 2013.
This trend was evident in the next halving cycles, with August 2016, and 2020 marked by prolonged periods of “boring” price motion before a dramatic increase to recent peaks in 2017, and 2021, respectively. CryptoCon has described this distinctive bullish yr because the “Red 12 months.”
The analyst describes 2024 as a “Blue 12 months” characterised by stable or unexciting price motion. He indicated that this era is probably going a construct up or preparation phase before a “Red 12 months” where Bitcoin’s price hits a recent all time high.
Drawing from his evaluation of Bitcoin’s historical halving cycles, CryptoCon has notably raised his conservative estimate for the Bitcoin cycle top, adjusting the range from $90,000 – $130,000 to $110,000 – $160,000.
Other Analysts Share Similar Sentiment
One other crypto analyst identified as ‘Kyledoops’ on X shares an identical bullish sentiment for Bitcoin’s future price outlook. In keeping with Kyledoops, Bitcoin’s net capital inflow is slowing down significantly, indicating a fragile situation where investors’ gains and losses are nearly balanced.
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Source: X
He revealed that historically, periods of decreased capital inflow, like what Bitcoin is experiencing currently, have often been followed by significant price fluctuations and volatility spikes. Nevertheless, this lull also hints that vast price swings could possibly be just across the corner for Bitcoin.
As of writing, the worth of Bitcoin is trading at $58,051, reflecting a steep 9.07% decline over the past seven days, in line with CoinMarketCap. Despite persistent bearish trends, the pioneer cryptocurrency stays intent on reaching and stabilizing above the $60,000 price mark.
BTC price recovers from lows | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com