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Crypto analyst CryptoCon stated in his recent market evaluation that the Bitcoin current price motion is paying homage to December 2016. He further explained what he meant and provided insights into what to anticipate from the flagship crypto going forward.
“It Is September 2016 All Over Again For Bitcoin”
CryptoCon mentioned in an X (formerly Twitter) post that it’s September 2016 again for Bitcoin. According to this, he remarked that the “Bitcoin trend strength prophecy” has been fulfilled. He explained that similar to in September 2016, Bitcoin has dipped into the support zone after the mid-top.
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To further support his stance that the flagship crypto is mirroring past trends, he noted that every one months had been the identical for support zone entries for alternating cycles. He also asserted that the “pattern of three’s” has not failed yet, each within the mid-cycle or bear market. His accompanying chart showed that Bitcoin is currently on the last a part of its reaccumulation zone, just before it hits a cycle top, similar to within the 2016 market cycle.
Source: X
Following his evaluation, CryptoCon boldly stated that the cycle is just not over, providing belief that Bitcoin will still hit latest highs and surpass its current all-time high (ATH) of $73,000, which it hit in March earlier this yr. Before now, the crypto analyst assured that Bitcoin’s price dips are only a minor setback and that the crypto will still rise to as high as $160,000 at the height of this bull run.
CryptoCon also noted how Bitcoin experienced such choppy and “boring” periods in previous halving cycles just before reaching latest ATHs the next yr after the halving event. The crypto analyst had previously predicted that the cycle top would come sometime in November 2025. This projection can also be based on Bitcoin’s price motion in previous halving cycles.
More Hope For BTC Investors
Crypto analyst Mikybull Crypto also recently gave Bitcoin investors hope that the worst was almost over for the flagship crypto. In an X post, he stated that a Bitcoin parabolic rally is looming as DXY is about to interrupt down from the macro bear flag. The analyst also noted that the identical scenario occurred in 2017 and 2020.
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In one other X post, Mikybull Crypto stated that Bitcoin’s next expansion will raise its price to $95,000. He added that Bitcoin is displaying a bull flag while the DXY is on a bear flag on a macro chart. Nonetheless, the crypto analyst is confident that macro disbelief and fear are ending, with Bitcoin set to enjoy its parabolic run when that happens.
On the time of writing, Bitcoin is trading at around $56,300, down within the last 24 hours, in line with data from CoinMarketCap.
BTC price holding shakily at $54,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com