Bitcoin appears poised for a remarkable bull run, potentially reaching new all-time highs beyond the $150,000 mark, according to Cryptoyoddha, a prominent crypto analyst. The chart meticulously tracks Bitcoin’s price cycles, highlighting the potential for a massive upswing in the near future.
The analysis depicts four distinct cycles, each characterized by a period of accumulation (Bottom), followed by a parabolic rally (ATH or All-Time High). The current cycle, labeled “CYCLE-IV,” is projected to soar to unprecedented heights, surpassing the previous cycle’s peak of around $63,995.
Historically, Bitcoin has exhibited a cyclical pattern, with each successive cycle surpassing the previous one in terms of price appreciation. The chart suggests that the current cycle could be the most explosive yet, driven by increasing institutional adoption, regulatory clarity, and widespread mainstream acceptance of cryptocurrencies.
These price cycles serve as a compelling signal for Bitcoin enthusiasts and investors to brace for a potential surge in the near future. However, as with any investment, caution and responsible risk management practices should be exercised, as the cryptocurrency market remains highly volatile and unpredictable.
Bitcoin’s Potential Path Amidst Consolidation
Renowned cryptocurrency analyst and trader Michaël van de Poppe has shared his insights on the potential future trajectory of BTC based on the current market conditions. In a recent tweet, van de Poppe expressed that he “wouldn’t be surprised if Bitcoin eventually takes the liquidity below the lows” after a period of consolidation and low volatility.
The attached chart provided by van de Poppe shows Bitcoin’s price action over an extended period, highlighting significant levels of support and resistance. The chart depicts a prolonged uptrend followed by a sharp decline, forming a potentially bearish pattern.
According to van de Poppe’s analysis, the current market conditions suggest that Bitcoin may be undergoing a consolidation phase with low volatility. This period of relative stability could potentially lead to a further downside move, where Bitcoin’s price might test and potentially break through the recent lows.
According to TradingView, BTC is currently trading at the price of $65120 with a market capitalization of $1.29 trillion. BTC is 2.06% up in the last 24 hours and almost 10% from its all-time of $73,750 on March 14th, 2024.
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