The recent price volatility of Bitcoin, including a dip below $50,000 last month, has caused concern among investors. However, despite this setback, some experts are optimistic about the future of Bitcoin. CryptoCon, a popular crypto analyst, believes that the bull run is still on track. According to CryptoCon, once the current price corrections stabilize, Bitcoin could see a sharp rise to over $100,000.
CryptoCon’s analysis is based on historical trend patterns. The analyst pointed out the recurring pattern in Bitcoin’s price movements before and after each halving cycle. The data showed that there is usually an initial period of decline followed by a significant bullish momentum. This pattern was evident in previous halving cycles, such as in 2012, 2016, and 2020, where periods of “boring” price action were followed by dramatic increases to new peaks in the subsequent years.
CryptoCon has even categorized these bullish years by colors. For instance, 2021 is referred to as the “Red Year,” characterized by intense bullish momentum and a new all-time high for Bitcoin’s price. On the other hand, 2024 is seen as a “Blue Year,” where price action is stable or unexciting. According to CryptoCon, this period may be a build-up phase before another “Red Year” where Bitcoin’s price hits a new peak.
Based on his analysis of Bitcoin’s historical halving cycles, CryptoCon has adjusted his conservative estimate for the Bitcoin cycle top. He now predicts a range of $110,000 – $160,000. Another crypto analyst, known as ‘Kyledoops,’ shares a similar sentiment regarding Bitcoin’s future price outlook. According to Kyledoops, the slowing down of Bitcoin’s net capital inflow may indicate an imminent period of significant price fluctuations and volatility spikes.
As of the latest data, Bitcoin is trading at $58,051, reflecting a 9.07% decline over the past seven days. This current price is a cause for concern for many investors, but experts like CryptoCon and Kyledoops are optimistic about Bitcoin’s future. Despite the recent volatility, they believe that Bitcoin’s bull run is still on track and may lead to new all-time highs in the coming years.