Cryptocurrency analyst emphasizes the importance of staying invested in Bitcoin (BTC) despite recent market volatility. The analyst predicts a significant breakout to the upside, remaining bullish on the future outlook of BTC.
In a post on X (formerly Twitter) on August 20, a crypto analyst known as ‘CryptoCon’ highlighted Bitcoin’s current state using a detailed price chart. The analyst believes that the most exciting part of BTC’s market cycle is approaching and advises against leaving before the market fully rebounds.
CryptoCon bases his bullish expectations on a metric called the Puell Multiple cycle, which compares the daily issuance value of Bitcoin to its average over the past year. Historical patterns on the Puell Multiple suggest that Bitcoin is currently at a low point and poised for a major upward rally. By analyzing Bitcoin’s price movements from 2010 to 2026, the analyst pointed out the predictable resistance and support levels during BTC’s cycles.
The analyst noted that Bitcoin has historically hit mid-cycle peaks before entering significant bull markets. For example, in August 2012, BTC reached a mid top followed by an explosive bull run in 2013. This pattern repeated in June 2016 and 2019, leading to bull runs in 2017 and 2021, respectively. Based on these historical bull patterns, the analyst predicts that Bitcoin reached its mid-cycle top in March 2024 when it hit an all-time high exceeding $73,000, forecasting a bull run by 2025.
In another X post, a popular crypto analyst named ‘Jelle’ expressed bullish predictions for Bitcoin’s future value. Jelle highlighted a unique Wedge/Megaphone pattern in BTC’s price chart, characterized by a distinct shape resembling a megaphone or cone. This pattern often indicates an imminent move to the upside, with the analyst believing that once Bitcoin’s price correction ends, the cryptocurrency is likely to break out of the Megaphone pattern in an upward direction, leading to significant price increases.
Based on this pattern, Jelle predicts that BTC could potentially reach new all-time highs by the fourth quarter (Q4) of 2024. At the time of writing, the price of Bitcoin is trading at $59,460 according to CoinMarketCap.
Overall, both analysts are optimistic about Bitcoin’s future potential and predict significant price increases in the coming years. The market volatility and previous price crashes have not deterred their bullish outlook on the leading cryptocurrency. With various metrics and historical patterns supporting their predictions, investors may find confidence in staying invested in Bitcoin for potential long-term gains.
