Cryptocurrency analyst stresses need to stay invested Bitcoins (BTC)predicting a significant breakout upwards. Despite Previous BTC Price Crash and market volatility, the analyst remains sanguine about the future prospects of cryptocurrencies.
Bitcoin’s bullish momentum is coming
WX (formerly Twitter) fasting On August 20, the crypto analyst known as “CryptoCon” shed lightweight on the current state of Bitcoin with a detailed price tableThe analyst believes that the most thrilling part of the BTC market cycle is just around the corner.
CryptoCon suggested that leaving BTC now is the same as leaving it before the market is fully recoveringHis bullish expectations for Bitcoin are based on an indicator called the “Puell Multiple cycle.”
The Puell Multiple Cycle is a metric that compares Bitcoin’s daily issuance value to its average over the past year. CryptoCon points out that historically, BTC has exhibited predictable patterns of resistance and support levels during its cycles on the Puell Multiple.
This suggests that Bitcoin is currently at its lowest point and is poised for a significant rally. Sharing price chart Bitcoin price movements from 2010 to 2026, the analyst highlighted all the growth cycles that BTC has experienced over the years.
The analyst noted that Bitcoin has consistently reached mid-cycle highs before embarking on a significant rally. bull marketIn August 2012, BTC hit a mid-cycle peak, which led to a keen rise in 2013. This pattern repeated itself in June 2016, when it hit another mid-cycle peak, preceding a rally in 2017. Finally, in 2019, Bitcoin hit a mid-cycle peak, which set the stage for a keen rise in 2021.
Based on these historical bull patternsThe analyst suggests that BTC reached its mid-cycle peak in March 2024, when BTC reached all-time high exceeding $73,000As a result, CryptoCon predicted that Bitcoin would witness a bull market until 2025.
BTC megaphone signals indicate imminent breakout
In another post, X, a popular cryptocurrency analyst known as “Jelle,” wrote: expressed bullish predictions for the future value of Bitcoin. The analyst highlighted a unique Wedge/Megaphone pattern on the BTC price chart. This pattern is characterized by a distinct shape resembling a megaphone or cone.
Jelle revealed that this unique pattern often indicates that the cryptocurrency is ready to move higher. He believes that when Bitcoin Price Correction is ending, the cryptocurrency will probably break out of Megaphone Pattern up, leading to a significant price raise.
The analyst predicts that based on this pattern, BTC price could potentially reach recent all-time records by the fourth quarter (Q4) of 2024. At the time of writing bitcoin price According to CoinMarketCap, the stock is priced at $59,460.
Featured image created with Dall.E, chart from Tradingview.com
