Bitcoin (BTC) Bullish Surge Incoming
- 王林Original
- 2024-08-22 15:44:11873browse
A crypto analyst has emphasized the need to stay invested in Bitcoin (BTC), forecasting a significant breakout to the upside.
A crypto analyst has highlighted the need to stay invested in Bitcoin (BTC), anticipating a major breakout to the upside. Despite BTC's recent price crash and market volatility, the analyst has remained bullish on the cryptocurrency's future outlook.
Bitcoin Bullish Surge Incoming
In an X (formerly Twitter) post on August 20, a crypto analyst known as ‘CryptoCon' analyzed the current state of Bitcoin using a detailed price chart. The analyst is convinced that the most exciting part of BTC's market cycle is just around the corner.
CryptoCon has suggested that leaving BTC now is like leaving before the market fully recovers. His bullish expectations for Bitcoin are based on a metric called the “Puell Multiple cycle.”
The Puell Multiple cycle is a metric that compares the daily issuance value of Bitcoin to its average over the past year. According to CryptoCon, historically, BTC has shown predictable patterns of resistance and support levels during its cycles on the Puell Multiple.
This suggests that Bitcoin is currently at a low point and poised to experience a major upward rally. Sharing a price chart that tracks Bitcoin's price movements from 2010 to 2026, the analyst highlighted all the bull cycles BTC has experienced over the years.
The analyst observed that Bitcoin has consistently hit mid cycle peaks before launching into a significant bull market. In August 2012, BTC reached a mid top, which led to an explosive bull run in 2013. The pattern repeated in June 2016, when it hit another mid-cycle peak that preceded a bull run in 2017. Finally, in 2019 Bitcoin reached a mid cycle high, setting the stage for a dramatic bull run in 2021.
From these historical bull patterns, the analyst suggests that BTC reached its mid-cycle top in March 2024 when BTC reached an all time high, crossing $73,000. As a result, CryptoCon has predicted that Bitcoin will experience a bull run by 2025.
BTC Megaphone Signals Imminent Breakout
In another X post, a well-known crypto analyst who goes by the handle ‘Jelle' expressed bullish predictions for the future value of Bitcoin. The analyst pointed out a unique Wedge/Megaphone pattern in BTC's price chart. This pattern is characterized by its distinct shape, which resembles a megaphone or cone.
According to Jelle, this unique pattern often serves as an indication that a cryptocurrency is set to continue moving further to the upside. He believes that once Bitcoin's price correction ends, the cryptocurrency is likely to break out of the Megaphone pattern in an upward direction, leading to significant price increases.
Based on this pattern, the analyst predicts that BTC could potentially reach new all time highs by the fourth quarter (Q4) of 2024. At press time, the price of Bitcoin is trading at $59,460, as per CoinMarketCap.
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