Bitcoin Decline Not A Cause For Alarm, $100,000 Still In The Cards, Analyst Says 📈
The recent volatility in Bitcoin's price, including a crash below $50,000, has slowed the anticipated bull run. However, CryptoCon, a popular analyst, believes the bull run is still on track and predicts Bitcoin will rise above $100,000 after the current corrections.
CryptoCon sees the recent drop as a minor setback and shared a bullish forecast based on historical price patterns. He identified recurring patterns in Bitcoin's price before and after halving cycles, suggesting an initial decline followed by intense bullish momentum. According to the analyst, 2024 will be a 'Blue Year' with stable or unexciting price action, building up to a 'Red Year' where Bitcoin hits new highs.
Following his analysis, CryptoCon adjusted his conservative estimate for Bitcoin's cycle top to a range of $110,000 to $160,000. Another analyst, Kyledoops, shares a similar sentiment. He notes that Bitcoin's net capital inflow is slowing down, which historically precedes significant price fluctuations and volatility spikes.
As of now, Bitcoin trades at $58,051, showing a 9.07% decline over the past seven days. Despite the bearish trends, the cryptocurrency aims to stabilize above $60,000.
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