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The recent volatility of the bitcoin priceincluding a drop below $50,000 last month, has significantly slowed the momentum of the Many analysts are anticipating a bull runDespite falling prices, one cryptocurrency analyst believes the bitcoin bull market is still underway and predicts a strong surge to over $100,000 once current price corrections stabilize.
bitcoin's bullish rally remains strong
Popular cryptocurrency analyst CryptoCon sees Recent bitcoin Price Drop as a minor setback, suggesting that the cryptocurrency is highly anticipated bullfight remains unfazed. The analyst took to x (formerly twitter) on August 28 to make a bullish prediction. x.com/cryptocon_/status/1829909227487330744?s=46″ rel=”nofollow”>forecast for bitcoin, based on its current price action based on historical trend patterns.
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CryptoCon noted that recent market events or news involving bitcoin-decline-a-20-discount-sale-saylor-says/” rel=”nofollow”>The fall of the price of bitcoin Moreover, market volatility can distract many investors and cause them to lose sight of the bigger picture. The analyst shared a detailed analysis bitcoin price chart representing all halving cycles since 2013, each of which clearly shows 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 bullish momentumCryptoCon revealed that in August 2012, the price of bitcoin experienced a significant bearish decline before rising to new highs in 2013.
This trend was evident in the following years. bitcoin-price-past-halving-cycles/” rel=”nofollow”>halving cycleswith August 2016 and 2020 marked by extended periods of “dull” price action before a dramatic rise to new peaks in 2017 and 2021, respectively. CryptoCon has described this distinctive bullish year as the “Red Year.”
The analyst describes 2024 as a “blue year” characterized by flat or unexciting price action. He indicated that this period is likely a preparation or accumulation phase before a “red year” where bitcoin–btc-headed-for-a-deeper-correction-56k-breakdown-could-spell-trouble/” rel=”nofollow”>bitcoin Price reaches a new all-time high.
Based on his analysis of Historical bitcoin Halving CyclesCryptoCon has significantly increased its conservative estimate for bitcoin’s cycle top, adjusting the range from $90,000 – $130,000 to $110,000 – $160,000.
Other analysts share a similar sentiment.
Another cryptocurrency analyst identified as 'Kyledoops' on x shares a similar bullish sentiment on bitcoin's future price prospects. According to Kyledoops, bitcoin-stumbles-60000-data-shows-slowing-inflows/” rel=”nofollow”>Net capital inflow into bitcoin is slowing Significantly, it indicates a delicate situation where investors' gains and losses are almost balanced.
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He x.com/kyledoops/status/1829927172003201105?s=46″ rel=”nofollow”>revealed that historically, periods of declining capital inflows, such as the one bitcoin is currently experiencing, have often been followed by significant bitcoin-drop-in-two-days-analyzing-factors/” rel=”nofollow”>Price fluctuations and volatility spikesHowever, this pause also suggests that huge price swings could be around the corner for bitcoin.
At the time of writing, bitcoin is trading at $58,051, reflecting a steep 9.07% drop over the past seven days, according to CoinMarketCap. Despite persistent bearish tendencies, the pioneer cryptocurrency remains determined to reach and stabilize above the $60,000 price mark.
Featured image created with Dall.E, chart from Tradingview.com
