Despite a recent decline in the value of Bitcoin, the leading cryptocurrency continues to attract optimistic forecasts from numerous analysts as investors and traders prepare for a significant rally in the near future, showcasing strong confidence in BTC’s potential among these crypto fans.
Is Bitcoin Ready for a Noteworthy Bull Market?
In a positive message on the X (formerly Twitter) platform, Ash Crypto, a market analyst and trader highlighted the possibility of Bitcoin experiencing the largest bull run in this current market cycle, driven by enhancing market sentiment and historical bull cycle patterns. Ash Crypto is confident that these elements could enable the digital currency to continue its upward trajectory, potentially reaching a new all-time high soon.
The analyst claims that Bitcoin is presently mirroring the bull run from the 2020-2021 cycle. His observations suggest that the bullish structure seen prior to BTC’s explosive growth during that time may be reflected in the current market dynamics and trend formations.
Ash Crypto also indicated that as BTC parallels the 2020-2021 trend, the asset has formed a similar double Moving Average Convergence Divergence (MACD) crossover, which he identified on the 1-week timeframe.
During the 2020-2021 bull market, the initial MACD crossover occurred close to the MACD zero line while the price of Bitcoin was in an accumulation phase. Subsequently, the second crossover took place, prompting a rapid surge in the asset’s value, leading to a substantial bull market during that time.
In the current bull cycle, when the first crossover transpired last year, the price of BTC similarly entered a defined zone. Ash Crypto noted that the second MACD crossover is anticipated to happen in the next 2 to 4 weeks.
Following this development, the analyst expects another significant increase in Bitcoin’s price in the coming months, which he describes as a “grand massive bull run,” underscoring his belief in the positive trajectory of the current cycle.
3 Inverse Head And Shoulders Patterns Over The Past Decade
Another crypto analyst and enthusiast, who has predicted a significant upcoming bull run for BTC, is Trader Tardigrade. The market expert made this bold prediction after observing an inverse head and shoulders pattern on BTC’s chart over different occurrences in the last 10 years.
The inverse head and shoulders pattern indicates a potential end to a downtrend, suggesting that Bitcoin might be set for an upward breakout from its current phase. Tardigrade mentioned that Bitcoin has manifested this pattern for the third time since 2013.
According to Tardigrade, Bitcoin is in the process of forming the right shoulder of the third inverse head and shoulders pattern at present. Hence, if BTC breaks out from this formation, the analyst forecasts a substantial bull run, potentially reaching a peak for the cycle.
Featured image from Unsplash, chart from Tradingview.com
