bitcoinbtc’s recent drop may have triggered speculation and doubts about an upcoming rally, but Trader Tardigrade, a cryptocurrency analyst and enthusiast, has addressed these opinions by predicting an imminent major bull run for btc in the coming months, underlining his confidence in the crypto asset’s potential to rack up massive gains in the long term.
bitcoin hits new all-time high with spectacular bull run
As the price of bitcoin continues to fluctuate, market expert and cryptocurrency expert Trader Tardigrade has… x.com/TATrader_Alan/status/1823282104802943311″ target=”_blank” rel=”noopener nofollow”>pointed Cryptocurrency expert Tardigrade shared his intriguing outlook on bitcoin’s long-term price action on platform x (formerly twitter) and teased impending explosive growth as he anticipates a major bull run in the near future.
According to the cryptocurrency expert, in the previous cycle, bitcoin took about 20 months to… recover bear market and reach its previous cycle peak. Now, the expert noted that the cryptoasset has mirrored this particular trend in this cycle, spending 20 months before returning to its current all-time high during a typical bull run.
As a result, Tardigrade, after considering past movements following this development, has predicted a super bull run in the near future, which could see the value of the digital asset rising to unprecedented heights in this bullish cycle in progress.
The message read:
bitcoin took 20 months to recover from the bear market and returned to the previous high in the last cycle. Currently, btc spent the same 20 months and regained the high with a normal bull run. A super bull run is coming according to the latest movements.
This bullish prediction coincides with a steady shift in market sentiment from cautious optimism to outright exuberance as investors anticipate significant gains soon.
btc forms a descending and widening triangle pattern
Trader Tardigrade appears to be very optimistic about bitcoin's massive growth potential, as he has x.com/TATrader_Alan/status/1822935397107965998″ target=”_blank” rel=”noopener nofollow”>aforementioned A descending widening triangle pattern on the btc chart. The descending widening triangle here is the two lines that connect a sequence of lower highs and lower lows. Specifically, this bullish pattern usually appears during a decline.
Tardigrade noted that bitcoin is currently moving inside the widening descending triangle pattern following the recent market crash. He further noted that this was the same pattern that btc followed in the 2019 and 2020 cycle, triggering an over 700% surge in price from roughly $10,000 to $70,000 after a breakout of the pattern.
Aligning the current form with the 2019-2020 pattern, the analyst could be anticipating a similar price reaction in this ongoing bull cycle. If the crypto asset mirrors this response, it could rally from the current price of $60,000 to roughly $420,000, indicating a 700% increase by the end of this bull cycle.
At the time of writing this, bitcoin was showing healthy movement, rising more than 6% to $60,900 in the past week. Although its market cap increased by 3% in the past day, its trading volume was still down by 18%.
Featured image from iStock, chart from Tradingview.com
