The recent price volatility of Bitcoin, including a drop below $50,000, has caused concern among analysts and investors. However, one crypto analyst, CryptoCon, remains bullish on Bitcoin’s future, predicting a sharp rise to over $100,000 once current price corrections stabilize. Despite the market turbulence, CryptoCon believes that Bitcoin’s highly anticipated bull run is still on track.
CryptoCon bases his bullish forecast on Bitcoin’s historical trend patterns. He points out that recent price declines and market volatility may be distracting for investors, causing them to lose sight of the bigger picture. By analyzing Bitcoin’s price movements before and after each halving cycle, CryptoCon identifies a recurring pattern of initial decline followed by intense bullish momentum.
According to CryptoCon, Bitcoin’s halving cycles have shown a distinctive bullish pattern. For instance, in August 2012, Bitcoin experienced a significant bearish dip before climbing to new highs in 2013. This trend continued in subsequent halving cycles, with 2016 and 2020 characterized by periods of “boring” price action before dramatic increases in 2017 and 2021, respectively.
CryptoCon predicts that 2024 will be a “Blue Year” marked by stable price action, serving as a build-up phase for a subsequent “Red Year” where Bitcoin’s price reaches a new all-time high. Drawing from historical data, CryptoCon has raised his conservative estimate for Bitcoin’s cycle top to a range of $110,000 – $160,000.
Another crypto analyst, ‘Kyledoops,’ shares a similar bullish sentiment for Bitcoin’s future price outlook. Kyledoops notes that Bitcoin’s net capital inflow is slowing down significantly, suggesting a delicate balance between investors’ gains and losses. While decreased capital inflow historically precedes price fluctuations and volatility spikes, it also signals that significant price swings could be imminent for Bitcoin.
As of the latest data, Bitcoin is trading at $58,051, reflecting a 9.07% decline over the past seven days. Despite the recent price fluctuations, analysts like CryptoCon and Kyledoops remain optimistic about Bitcoin’s future trajectory, with both predicting a continuation of the bull run and potential for new all-time highs in the coming years.