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Bitcoin price fluctuations recentlyincluding the collapse below $50,000 last month, which has slowed the momentum of the cryptocurrency market significantly. Expected to rise by many analystsDespite the calm prices, one cryptocurrency analyst believes that Bitcoin’s rally is still on track, and predicts a sharp rise to over $100,000 once the current price corrections stabilize.
Bitcoin’s Rise Still Strong
Popular cryptocurrency analyst CryptoCon sees Bitcoin price drop recently As a minor setback, indicating that the cryptocurrency was highly anticipated. Running bull Still unfazed. The analyst took to X (formerly Twitter) on August 28 to offer a bullish assessment. climate forecast For Bitcoin, based on its current price behavior based on historical trend patterns.
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CryptoCon refers to recent events or news in the market that involve Bitcoin price drop Market volatility can be a distraction for many investors, causing them to lose sight of the big picture. The analyst shared details Bitcoin price chart Visualize all the halving cycles of 2013, each showing a clearly similar bullish pattern.
The analyst identified a recurring pattern in Bitcoin price movements before and after each halving cycle, highlighting an initial period of A decline followed by intense upward momentum.CryptoCon revealed that in August 2012, the price of Bitcoin experienced a significant downward trend before rising to new highs in 2013.
This trend was evident in the subsequent period. Half term courseswhere August 2016 and 2020 were marked by long periods of “boring” price action before a significant surge to new highs in 2017 and 2021, respectively. CryptoCon described this remarkable bullish year as the “Red Year.”
The analyst describes 2024 as a “blue year” characterized by stable or unexciting price action. He noted that this period is likely to be a building or preparation phase before a “red year” where Bitcoin price He achieved an all-time high.
Based on his analysis of Historical Bitcoin Halving CyclesCryptoCon has significantly raised its conservative estimates for the Bitcoin cycle top, adjusting the range from $90,000-$130,000 to $110,000-$160,000.
Other analysts share similar sentiments.
Another cryptocurrency analyst known as “Kyledoops” on X shares similar bullish sentiments regarding Bitcoin’s future price predictions. According to Kyledoops, Net capital flows to Bitcoin are slowing down. Remarkably, it indicates a precise situation where investors’ gains and losses are roughly balanced.
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he open Historically, periods of low capital inflow, such as what Bitcoin is currently experiencing, have often been followed by periods of large declines in capital inflow. Price fluctuations and high volatilityHowever, this calm also suggests that major swings in Bitcoin prices may be imminent.
At the time of writing, Bitcoin is trading at $58,051, reflecting a sharp 9.07% decline over the past seven days, according to CoinMarketCap. Despite the ongoing downtrend, the leading cryptocurrency remains determined to reach and stabilize above the $60,000 level.
Featured image created using Dall.E, chart from Tradingview.com
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