Bitcoin

The Calm Before The Surge: Analyst Says This Is Not The Time To Exit Bitcoin

Published

3 months ago

August 22, 2024

A crypto analyst has emphasized the need to stay invested in Bitcoin (BTC), forecasting a significant breakout to the upside. Despite BTC’s previous price crash and market volatility, the analyst has remained bullish on the cryptocurrency’s future outlook.

Bitcoin Bullish Surge Incoming

In an X (formerly Twitter) post on August 20, a crypto analyst identified as ‘CryptoCon’ shed light on the current state of Bitcoin using a detailed price chart. The analyst is convinced that the most thrilling part of BTC’s market cycle is just around the corner.

CryptoCon has suggested that leaving BTC now is akin to leaving before the market fully rebounds. His bullish expectations of Bitcoin is based on a metric called the “Puell Multiple cycle.”

The Puell Multiple cycle is a metric that compares the daily issuance value of Bitcoin to its average over the past year. CryptoCon points out that historically, BTC has shown predictable patterns of resistance and support levels during its cycles on the Puell Multiple.

This suggests that Bitcoin is currently in a low point and set to witness a major upward rally. Sharing a price chart tracking Bitcoin’s price movements from 2010 to 2026, the analyst highlighted all the bull cycles BTC has experienced over the years.

The analyst noted that Bitcoin has consistently hit mid cycle peaks before launching into a significant bull market. In August 2012, BTC reached a mid top, leading to an explosive bull run in 2013. The pattern repeated in June 2016, when it hit another mid-cycle peak which preceded a bull run in 2017. Finally, in 2019 Bitcoin reached a mid cycle high, setting the stage for a dramatic bull run in 2021.

Based on these historical bull patterns, the analyst suggests that BTC has reached its mid-cycle top in March 2024 when BTC reached an all time high exceeding $73,000. As a result, CryptoCon has predicted that Bitcoin will witness a bull run by 2025.

BTC Megaphone Signals Imminent Breakout

In another X post, a popular crypto analyst identified as ‘Jelle,’ has expressed bullish predictions for Bitcoin’s future value. The analyst highlighted a unique Wedge/Megaphone pattern in BTC’s price chart. This pattern is characterized by its distinct shape resembling a megaphone or cone.

Jelle has revealed that this unique pattern often indicates that a cryptocurrency is set to move further to the upside. He believes 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, the analyst 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.