Market observers are closely monitoring Bitcoin’s 4-year bull cycle, and according to one expert, it’s right on track. An expert named Mags recently emphasized that despite previous concerns, the current state of Bitcoin aligns with expectations.
Earlier this year, in January 2023, Bitcoin experienced a noteworthy bounce from $15,500 to $23,000. However, this surge was accompanied by a rare occurrence on the weekly chart – a Death Cross.
The emergence of the Death Cross triggered a wave of bearish sentiment, with many speculating that the price surge was merely a ‘dead cat bounce.’ Pessimistic predictions anticipated a return below $15,500, possibly plummeting to $12,000.
Contrary to these expectations, the market revealed its true colors, as Bitcoin not only avoided a significant downturn but surged past the 50 and 200 Weekly Moving Averages (WMAs). Currently residing at $36,500, Bitcoin has defied the earlier bearish outlook.
Adding to the positive indicators, the Death Cross appears on the brink of being invalidated. The close proximity of both the 50 and 200 WMAs suggests the potential formation of a Bullish Golden Cross in the coming months, further bolstering the optimism in the cryptocurrency market.
Lunar Insights: Bitcoin’s Celestial Predictions
At the same time, CryptoCon’s latest analysis introduces a unique perspective. Utilizing an unconventional approach, the analyst examines the moon’s phases on the 2-week chart for Bitcoin. The data compression during specific lunar phases offers a remarkably accurate prediction of cycle tops and bottoms.
Waxing compressions, highlighted during dark periods, and waning compressions, observed during empty periods, play a crucial role in predicting significant market movements.
While not every compression marks a pivotal point, a majority of cycle tops and bottoms align with these lunar indicators. Intriguingly, a few exceptions, such as the 2013 lagging top and the 2019 cycle bottom, challenge the norm.
When correlated with the Halving Cycles Theory, the cycles reveal interesting patterns. Compressions around July 9th in Green and Blue Years have marked the first and second early tops approximately 21 days apart.
The last compression, which occurred in July 2023, was waxing and aligned with the first early top. The nuanced predictions derived from moon phases add an unconventional yet intriguing layer to the ongoing narrative of Bitcoin’s complex market dynamics.
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