Bitcoin’s enthusiasts are preparing for a chapter in the history of the cryptocurrency that will be nothing short of exhilarating, as analysts reveal their predictions and interpretations. Mags, a renowned analyst, has stirred up enthusiasm by saying that Bitcoin might be on the verge of a “Bull Run 2.0.”
As per Mags, the current monthly consolidation pattern is a duplicate of the previous cycle, within which the price of Bitcoin surged to an all-time high. Back then, Bitcoin also consolidated for several months close to its peak, when many investors turned bearish. The next flight to the sky moved the pointer to a new record high, and Mags wonders if the story will be repeated again.
Bitcoin’s Four-Stage Cycle
In addition to the discussion, Daan Crypto Trades has analyzed the ‘Biket’ cycle and identified 4 separate stages: the first one is the initial rally between January and April 2023, the next one is the consolidation phase between April and September 2023.
The second rally was on the way from September 2023 to March 2024, then the final phase of consolidation is expected from March 2024 until now. The early stages were shorter in duration whereas the latter stages have extended longer, thus, there are periods of time when most of the gains are obtained within short time frames of high volatility.
Daan Crypto Trades warns that market timing remains a challenge as the strategy of selling in anticipation of getting a lower price for a buy-back may miss the opportunities for some sudden upward moves. However, early attempts to capitalize on potential big moves could be the reason for losses from market fluctuations. To most people, it is the safest way to hold spot positions that is considered to be the best.
CryptoCon has also weighed in with a broader perspective, suggesting that Bitcoin’s current price action is typical of the end phase of what he terms a “Blue Year.” The history of the month of August has shown that it is usually a period of stagnation before the great rally is underway, a reminiscent of the past years like 2012, 2016, and 2020.
In addition, CryptoCon has significantly changed its forecast for Bitcoin cycle top. In the last estimate, this figure was in the range of $90000-$130000. Expectedly, the forecast is presently within the range of $110000 and $160000. This adjustment reflects growing optimism about Bitcoin’s potential for reaching new highs.
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