Bitcoin Poised for Explosive Growth as Mega Bull Run Begins

In spite of the recent ups and downs in the broader cryptocurrency market, Bitcoin, the leading digital currency, is beginning to signal an imminent major rally that could lead to a new all-time high, suggesting a potential positive turn in price movement upward.

Bitcoin’s Significant Bull Market is Starting to Emerge

Reports suggest that Bitcoin is on the verge of significant growth as the crypto asset nears a highly anticipated turning point that may propel BTC to exceptional new highs. Market analyst and trader, Ether Nasyonal, pointed out this encouraging development, which has garnered the attention of the crypto realm.

According to this market analyst, Bitcoin seems to be entering the preliminary phase of a substantial bull market, marking a crucial juncture for the cryptocurrency. This prediction aligns with the growing sentiment that BTC is set for a breakout, as numerous analysts and investors foresee a significant rise in the cryptocurrency’s value.

The analyst’s outlook is grounded in various fundamental indicators and historical price patterns, bolstered by an analysis of the Elliott wave, a technical tool that investigates persistent price patterns over time linked to shifts in investor sentiment.

Given these indicators and trends, Nasyonal observed that one can easily forecast Bitcoin’s direction by referring to the November 2021 candle. He further noted that the upper boundary of this candle is positioned at $61,352, which is currently undergoing a retest, while the lower boundary is at $56,955.

In another post on X, Nasyonal highlighted a notable pattern on Bitcoin’s monthly chart. He claims that BTC is in the early phases of a significant bull run leading to a new all-time high or cycle peak based on candlestick observations since 2014.

Nasyonal pointed out that since 2014, the cryptocurrency has generated about 32 candlesticks before transitioning into its parabolic phase in each cycle. His analysis is centered on the time gap from the beginning of each bear market to the onset of a major rally.

During the commencement of the bear market in 2014, it took Bitcoin precisely 32 candlesticks before it entered the bull stage in 2016, as well as during the 2018-2020 cycle. In the current cycle, Bitcoin has also drawn 32 candlesticks since the 2022 bear market began, indicating that a mega bull run is approaching.

BTC’s Price Struggles with Further Downtrends

Bitcoin’s price is still under negative pressure, resulting in a decline of several digits, which has sparked increasing speculation regarding its short-term potential. The cryptocurrency has been trending downward since it reached the $64,500 mark on Monday.

Currently, BTC is exhibiting bearish trends as its price has dipped below the $61,000 threshold. This downward movement is believed to have been triggered by reports that the United States government is contemplating selling a substantial quantity of coins originally tied to the Silk Road darknet marketplace following the Supreme Court’s decision on October 7.