The recent price volatility of Bitcoin has left many investors questioning the future of the anticipated bull run. However, popular crypto analyst CryptoCon remains optimistic about Bitcoin’s trajectory. Despite a minor setback that resulted in a drop below $50,000, CryptoCon believes that the bull run is still on track.
Taking historical trend patterns into account, CryptoCon predicts a sharp rise to over $100,000 once the current price corrections stabilize. By analyzing past halving cycles from 2013, the analyst identified a recurring pattern of decline followed by intense bullish momentum. This bullish pattern, according to CryptoCon, is indicative of a larger upward trend for Bitcoin.
CryptoCon has dubbed 2024 as a “Blue Year,” anticipating stable or unexciting price action as a build-up phase before another “Red Year” where Bitcoin reaches a new all-time high. The adjustment of Bitcoin’s cycle top estimate from $90,000 – $130,000 to $110,000 – $160,000 showcases CryptoCon’s confidence in the cryptocurrency’s future performance.
Another crypto analyst, known as ‘Kyledoops,’ shares a similar bullish sentiment regarding Bitcoin’s future price outlook. Kyledoops points out that Bitcoin’s net capital inflow is slowing down significantly, creating a delicate balance between investors’ gains and losses. Despite the current period of decreased capital inflow, historical data suggests that significant price fluctuations and volatility spikes may be on the horizon.
As of the latest data, Bitcoin is trading at $58,051, reflecting a 9.07% decline over the past seven days. While this recent dip may be discouraging for some investors, analysts like CryptoCon and Kyledoops are optimistic about the long-term potential of Bitcoin’s bull run.
The recent price volatility of Bitcoin has created a sense of uncertainty among investors. However, analysts like CryptoCon and Kyledoops offer valuable insights into the potential future performance of the cryptocurrency. By analyzing historical data and trend patterns, these analysts paint a positive picture for Bitcoin’s bull run, despite temporary setbacks. As the market continues to evolve, it will be interesting to see how these predictions play out and whether Bitcoin will indeed reach new all-time highs in the coming years.
