The recent price volatility in the Bitcoin market, with a crash below $50,000 last month, has raised concerns among investors. This significant drop has slowed down the momentum of the anticipated bull run that many analysts have been predicting. Despite the current price lull, some crypto experts believe that the Bitcoin bull run is still on track and foresee a sharp rise to over $100,000 once the current price corrections stabilize.
One popular crypto analyst, known as CryptoCon, remains optimistic about Bitcoin’s future price movements. Despite the recent price drop, CryptoCon sees it as just a minor setback and believes that the highly anticipated bull run is still intact. The analyst made a bullish forecast for Bitcoin on X (formerly Twitter) on August 28, based on historical trend patterns in the cryptocurrency market. According to CryptoCon, recent market events and price fluctuations may be distracting for many investors, causing them to lose sight of the bigger picture.
CryptoCon shared a detailed Bitcoin price chart that showcases all the halving cycles from 2013, revealing a recurring pattern in Bitcoin’s price movements before and after each halving cycle. The analyst highlighted an initial period of decline followed by a strong bullish momentum in subsequent cycles. For instance, in August 2012, Bitcoin experienced a significant bearish dip before reaching new highs in 2013. This trend continued in the following halving cycles, with periods of “boring” price action before dramatic increases to new peaks in 2017 and 2021. CryptoCon has described 2021 as the “Red Year” due to its bullish nature and predicts 2024 to be a “Blue Year,” leading up to another bullish cycle.
Based on his analysis of Bitcoin’s historical halving cycles, CryptoCon has revised his conservative estimate for the Bitcoin cycle top. He adjusted the price range from $90,000 – $130,000 to $110,000 – $160,000, indicating a more bullish outlook for Bitcoin’s future price movements. Another crypto analyst, ‘Kyledoops,’ also shares a similar bullish sentiment regarding Bitcoin’s future price outlook. According to Kyledoops, Bitcoin’s net capital inflow has been slowing down significantly, suggesting a delicate balance between investors’ gains and losses.
Historically, periods of decreased capital inflow in Bitcoin have been followed by significant price fluctuations and volatility spikes. While the current lull in capital inflow may raise concerns among investors, it also hints at the possibility of huge price swings in the near future. As of now, the price of Bitcoin is trading at $58,051, reflecting a 9.07% decline over the past seven days, according to CoinMarketCap.
By critically analyzing the current price predictions and market trends, it is evident that Bitcoin’s future remains uncertain yet promising. Both CryptoCon and Kyledoops foresee a bullish trajectory for the cryptocurrency, despite the recent volatility and price corrections. Investors should consider these expert opinions and conduct thorough research before making any investment decisions in the ever-evolving crypto market.