The crypto market has experienced a slight decline in the past week, with Bitcoin, the market leader, losing 0.78% of its value over the last seven days. Its negative monthly performance has pushed its total loss in the last 30 days to around 5.38%. Despite this, there are signs that Bitcoin’s larger performance may be indicating a bullish market in the coming months. This blog post delves into the analysis suggesting Bitcoin is repeating a historic bullish price cycle, potential price movements, rising optimism in the BTC market, and the ongoing Bitcoin ETF race.
Bitcoin’s Historic Bullish Price Cycle:
Crypto analyst Ali Martinez has pointed out that Bitcoin’s current price trajectory since reaching its all-time high in November 2021 is similar to its price movement between 2013 and 2017, according to data from Glassnode. If the analysis holds true, Bitcoin is expected to show relatively little price movement in August and September 2023, potentially recording slight gains. However, an upswing in price is projected for October 2023, followed by a major re-correction with support in the first week of November. Beyond 2023, Bitcoin could potentially see significant profits in 2024 and 2025 if it repeats the 2013-2017 price cycle when it famously gained over 1600%.
Rising Optimism in the BTC Market:
Recent on-chain analytics from Santiment indicate a rising positive sentiment around Bitcoin. Key holders, including whales and sharks, are accumulating more BTC by swapping their BUSD and DAI for the cryptocurrency. This trend signals a potential increase in Bitcoin’s price, with the analytics firm suggesting it could trade above $30,000 again if the current accumulation pattern continues.
Bitcoin ETF Race and Investor Sentiment:
The ongoing race for the first spot Bitcoin ETF in the US has been a topic of discussion, with increasing optimism for its approval. Bloomberg ETF analysts James Seyffart and Eric Balchunas recently upgraded the approval chances of the ETF to 65%, indicating growing confidence in the cryptocurrency’s mainstream adoption.
Despite a slight decline in the general crypto market and Bitcoin’s recent negative monthly performance, there are promising signs for the future. Analyses suggesting that Bitcoin is repeating a historic bullish price cycle could lead to potential price movements in the coming months and potentially significant profits in the following years. Rising optimism in the BTC market, as evidenced by key holders accumulating more BTC, further supports the positive sentiment. However, investors are reminded that predictions are not guaranteed and should not be considered as investment advice.