In the midst of recent price volatility, with Bitcoin dropping below $50,000, there has been a significant slowdown in the momentum of the anticipated bull run. However, some analysts, like CryptoCon, remain optimistic about the future price trajectory of Bitcoin. Despite the current price corrections, CryptoCon predicts a sharp rise to over $100,000 once the market stabilizes.
CryptoCon has taken a historical approach in analyzing Bitcoin’s price movements. By examining all the halving cycles dating back to 2013, the analyst has identified a recurring pattern in Bitcoin’s behavior before and after each halving cycle. This pattern typically consists of an initial period of decline followed by a strong bullish momentum, leading to new highs.
CryptoCon has coined the term “Red Year” to describe the distinctive bullish year in Bitcoin’s cycle. This year is marked by significant price increases and new all-time highs. On the other hand, the analyst has identified 2024 as a “Blue Year,” characterized by stable or unexciting price action. This period is seen as a build-up or preparation phase before another “Red Year” where Bitcoin could potentially hit a new peak.
Based on the analysis of historical halving cycles, CryptoCon has adjusted his conservative estimate for the Bitcoin cycle top. The range has been updated from $90,000 – $130,000 to $110,000 – $160,000. This indicates a more bullish outlook for Bitcoin’s future price trajectory, aligning with the overall positive sentiment shared by the analyst community.
Kyledoops’ Perspective
Another crypto analyst, known as ‘Kyledoops,’ shares a similar bullish sentiment for Bitcoin’s future price outlook. Kyledoops points out that Bitcoin’s net capital inflow is slowing down significantly, suggesting a delicate balance between investors’ gains and losses. This situation often precedes significant price fluctuations and volatility spikes, indicating that big price swings could be on the horizon for Bitcoin.
As of the latest data, Bitcoin is currently trading at $58,051, reflecting a 9.07% decline over the past week. Despite the short-term price fluctuations, analysts like CryptoCon and Kyledoops remain hopeful about Bitcoin’s long-term growth potential. The current market conditions may be challenging, but the overall sentiment points towards a positive future for Bitcoin’s price trajectory.