Bitcoin On Track To $100K, Why The Bull Cycle Could Be Just In Its Early Days
July 22 2021 - 1:12PM
NEWSBTC
Bitcoin trades north of the $32,000 levels as the bulls regain some
conviction in the daily chart. The general sentiment in the market
seems more bullish, but many still warn caution until BTC’s price
moves higher to a safer zone. Bitcoin’s recent price action has
left many in the dark, wondering about its next direction.
Uncertainty reigns supreme. At this point, experts have been
comparing different Bitcoin bull and bear periods to grasp an idea
about its future. In lower timeframes, most seem to lean with the
bears. Thus, they bet on more downside for the short term. Trader
Josh Rager warn bears about BTC’s price capacity to drive short
squeezes even in its worst times. In late 2017, after reaching an
all-time high of $20,000, Bitcoin went on a downtrend, but similar
to its current price action, the cryptocurrency made 50% and 100%
rallies “on the way down”, as Rager said while adding: You’re in a
bear market until proven otherwise. It means long term downtrend, A
downtrend that has been happening for 4 months now. Pseudonym
trader Daan Crypto has an opposite bias. This trader also compared
Bitcoin with other cycles and believes this and other
cryptocurrencies are not in a long bear market, but at a key moment
of the bullish cycle. I personally do think the current cycle is
not done yet and that we will see us move to new highs later this
year which we’ll likely hit around Q1 2022 if I had to guess.
Bitcoin And Its Bullish Cycle, Will History Repeat? Daan Crypto
argued that the 4 Bitcoin past cycle can be divided into those with
smaller corrections and a grind up towards new highs, as seen
below. The current cycle could be more explosive with a big peak at
the middle, Bitcoin’s last all-time high at $64,000, and a few
months of “bear market”. After this period, the cryptocurrency
should recover and made its way back to previous and new highs by
the end of the year. (…) where we do see a huge correction, after
which price starts to recover and sets a new high about 4-5 months
later. After that it continues for a while, until it sets the cycle
high and really starts the bigger bear market. According to this
prediction by December 2021, the crypto market should show signs of
recovery, if it manages to break away from this “short bear
period”, as the trader called. The trader also believes that
Bitcoin and its cycles dynamic could be changing. Eventually,
traders and investors could see longer cycles with fewer returns.
This could be a consequence of the new capital coming into the
market, its maturation, and the amount of time required to move the
price around its new volumes. As evidence, Daan Crypto said:
Compare the now $1T+ market cap to the crypto market cap 10 years
ago. Good luck trying to buy $1M of Bitcoin back then. While
nowadays, this wouldn’t even move the market by more than a few
dollars. The trader did clarify that it’s impossible to be 100%
certain on the times in BTC’s price cycles. In addition, he doesn’t
rule out the possibility that Bitcoin stays in the lows for the
remainder of the year.
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