As a seasoned crypto investor with a keen eye for market trends and a knack for spotting opportunities, I find CryptoBullet’s analysis intriguing. Having navigated through the 2021 bull run and subsequent corrections, I can see striking similarities between then and now. The MACD cross is reminiscent of that time, and if history repeats itself, we could be in for a ride.
With Bitcoin (BTC) briefly dipping below its crucial support at around $66,000, following repeated failed efforts to surpass $70,000, tech-savvy market observers notice various technical signals suggesting potential upcoming price rises.
Significantly, Bitcoin’s Weekly Moving Average Convergence Divergence (MACD) has recently shown a bullish trend for the first time since October 2023. This change in the MACD mirrors past market patterns, specifically the significant upward surge seen during the 2021 bull market.
Current Bitcoin Trends Echo 2021 Rally, New ATH Possible
crypto analyst CryptoBullet has noted that the last time the Moving Average Convergence Divergence (MACD) indicated a bullish pattern, Bitcoin was trading within the range of $20,000 to $25,000 in 2023. This trend was followed by a substantial price increase to a record high of $73,700, as seen earlier this year in March.
In this scenario, it seems that the top cryptocurrencies could potentially experience substantial growth, given the indications that the market is starting to bounce back from its recent periods of contraction experienced over the last couple of months.
On social media platform X, previously known as Twitter, CryptoBullet recently pointed out the resemblance between the present market situation and the 2021 bull run.
The analyst emphasized the vertical rally in 2021, followed by a mid-term correction, suggesting that while the current correction may not be as severe, it has taken longer to unfold.
In simpler terms, CryptoBullet stated that Bitcoin (BTC) is breaking free from its prolonged period of little change, as the Moving Average Convergence Divergence (MACD) has crossed bullishly once more. This suggests the possibility of reaching a new record high by the end of the year, accompanied by a lower peak on the MACD indicator.
Cycle Top Of $95,000-$100,000 By Early 2025
According to CryptoBullet’s prediction, the positive trend for Bitcoin is expected to continue over the next two years. They anticipate that the peak of this cycle will occur somewhere between $95,000 and $100,000. Following this peak, a downturn or bear market is projected to take place, with the bottom potentially reaching between $23,000 and $25,000.
According to Fibonacci wave theory, the forecaster is suggesting that the merging point of the 1.618 Fibonacci ratio and the upper boundary of the existing channel corresponds with his projected peak for Wave 5.
According to CryptoBullet’s predictions, Bitcoin could reach a price range of $95,000 to $100,000 around December 2024 or March 2025. However, once this target is met, there’s a possibility that Bitcoin may encounter resistance, leading to its initial decline in the upcoming bear market (referred to as wave A).
In simple terms, the analyst anticipates a short-term dip in the market around summer 2025. This will be followed by some market upswings, which are commonly known as a “Dead Cat Bounce,” from September to December 2025.
According to CryptoBullet, it’s possible that the toughest period, Wave C, might span across the year 2026, reaching a projected range between $23,000 and $25,000.
CryptoBullet admits that there’s an element of unpredictability in these forecasts, explaining, “These are my personal estimates. I strive to keep things realistic and refrain from setting extravagant price goals like $250,000 to $500,000 or even $1 million.
According to CryptoBullet’s assessment, these predicted situations might not hold true if there’s a significant change in the broader economic environment. If that happens, Bitcoin might surge beyond its multi-year trendline, potentially making talks about price targets such as $170,000 to $200,000 more pertinent.
At the time of writing, BTC is trading at $65,970, down 2% over the past 24 hours.
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2024-10-24 08:10