Recently, crypto analyst CryptoCon made a bold statement in his market analysis, comparing Bitcoin’s current price action to that of December 2016. He noted that Bitcoin is following a similar trend to what was observed back in September 2016, indicating a pattern of support zone entries after mid-cycle tops. According to CryptoCon, the “pattern of 3’s” has proven to be accurate in predicting Bitcoin’s movement, both in mid-cycle and bear markets.
CryptoCon’s analysis suggests that Bitcoin is approaching the last part of its reaccumulation zone, indicating a possible cycle top on the horizon. Despite recent price dips, he remains optimistic that Bitcoin will surpass its current all-time high of $73,000 and reach new highs in the future. He even projected a peak price of $160,000 by the end of the current bull run, drawing parallels to previous halving cycles where Bitcoin experienced choppy periods before reaching new ATHs.
In addition to CryptoCon’s analysis, crypto analyst Mikybull Crypto shared his optimism for Bitcoin’s future. He highlighted the potential for a parabolic rally as the DXY shows signs of breaking down from a macro bear flag. Drawing comparisons to previous market scenarios in 2017 and 2020, Mikybull Crypto predicted that Bitcoin’s price could rise to $95,000 in its next expansion. He pointed out the presence of a bull flag for Bitcoin while the DXY remains on a bear flag on a macro chart.
Overall, both CryptoCon and Mikybull Crypto’s analyses paint a positive picture for Bitcoin’s price movement in the coming months. Despite recent volatility and price dips, there is a shared belief that Bitcoin is on track to reach new highs and potentially surpass its previous ATH. Investors and enthusiasts alike can look forward to a potentially lucrative future for the flagship cryptocurrency based on these market analyses.
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