crypto analyst and investor Scott Melker, also identified as “The Wolf of Wall Streets” on Big market bubble for bitcoin. and the broader cryptocurrency space.
crypto Market Bull Run on the Horizon
With bitcoin-fee-shock-network-charges-double-amidst-excitement-of-70000-btc/” rel=”nofollow noopener” target=”_blank”>bitcoin hits new all-time highs and attracting attention as it breaks new resistance levels, many analysts are Preparing for a potentially mega bitcoin bull cycle. In his X post, Melker expressed his belief: predicting that the cryptocurrency market was entering the early stages of a major bull run for btc and other cryptocurrencies in the market.
Anticipating an upward trajectory, the analyst foresees a strong possibility of a formidable bubble forming in the market, causing a rise in bitcoin and low-value altcoins. The analyst, known for his strong support for btc and his consistent crypto predictions, imagine btc holding a bitcoin-blasts-past-70000-in-wild-week-to-register-new-all-time-high/” rel=”nofollow noopener” target=”_blank”>price level around $70,000.
Melker's feelings on a substantial bull run are also Shared by many market observers and members of the crypto community who believe that the btc bull run was just beginning. Furthermore, data from prominent crypto analyst Ali Martínez has also revealed that bitcoin is nowhere near its peakhighlighting that historical patterns suggest that the next market peak could materialize between November 2024 and February 2025.
Prior to this timeline, analysts have issued a note of caution, urging the cryptocurrency community to remain prepared for bitcoin-news/bitcoin-upside-momentum-fall/” rel=”nofollow noopener” target=”_blank”>possible price declines. They highlight that a substantial price correction should be seen as an accumulation opportunity for bitcoin/buy-bitcoin–ethereum-bull-run/” rel=”nofollow noopener” target=”_blank”>secure both btc as possible before the lockdown season fully begins.
Will bitcoin's bull run in 2024 be the biggest in history?
Recently, the price of bitcoin has seen a colossal rally. bitcoin-hits-new-all-time-high-surging-past-70000-for-the-first-time-in-history/” rel=”nofollow noopener” target=”_blank”>surpassing its all-time high at more than $71,000. The cryptocurrency substantial uptrend has largely fueled the massive speculations and optimistic predictions of market analysts.
As a result of btc's excessive performance in the market lately, predictions of several crypto analysts have suggested that the 2024 bull cycle may be the crypto-bull-run-around-the-corner/” rel=”nofollow noopener” target=”_blank”>biggest in history. It is important to note that bitcoin has already surpassed its 2021 all-time high, and did so before the full manifestation of the expected 2024 bull cycle.
Due to the success of bitcoin Spot ETFs and significant capital inflows into the cryptocurrency, btc is about to recover even more. According to bitcoin analyst Tuur Demeester, the broader crypto market should prepare for “an epic bull market in bitcoin.” He emphasize that btc has witnessed huge upsides with minimal price drops, indicating low supply and a strong inclination to buy aggressively during market dips.
Another analyst has foretold an unprecedented “bull market like never before,” attributing it to the combined impact of the upcoming bitcoin halving in 2024 and net bitcoin spot ETF inflows. Adding to this, btcbitcoin/bitcoin-to-240000-analyst-cites-key-narrative-as-catalyst/” rel=”nofollow noopener” target=”_blank”> price is expected reach a new all-time high, reaching a target of $172,000, as stated by a crypto analyst, the “crypto Rover.”
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/03/Bitcoin-bull-market-is-just-beginning-Analyst-warns-of-39huge" alt="Tradingview.com bitcoin Price Chart” width=”3286″ height=”1530″/>
btc price above $71,000 | Source: BTCUSD on Tradingview.com
Featured image from Earth.Org, chart from Tradingview.com
