Although the cryptocurrency market has experienced recent ups and downs, Bitcoin, as the leading digital currency, is indicating the possibility of a significant rally that could lead to new price highs, suggesting a favorable trend shift.
Beginning of a Major Bull Market for Bitcoin
Bitcoin is anticipated to undergo substantial growth as it approaches a critical juncture that may propel BTC to new heights. Market analyst and trader Ether Nasyonal pointed out these promising developments, drawing interest from the crypto community.
This market analyst believes that Bitcoin is on the cusp of an extensive bull run, representing a significant phase for the asset. This optimistic outlook aligns with the increasing consensus among analysts and investors that BTC is gearing up for a breakout, with expectations of a notable rise in its value.
The analyst’s insights are grounded in several foundational indicators and past price behaviors, further supported by an Elliot wave analysis—an important technical approach that identifies recurring price patterns over the long term, reflecting a shift in investor sentiment.
Based on these observations, Nasyonal suggests that it’s possible to gauge Bitcoin’s potential direction using the 2021 November candle as a reference point. He pointed out that the upper range of this candle is at $61,352—currently being retested—while the lower range is noted at $56,955.
In another X update, Nasyonal also highlighted a promising trend in Bitcoin’s monthly chart. He asserts that BTC is just beginning its mega bull run toward a new all-time high, as reflected in the candlestick history dating back to 2014.
Nasyonal observed that since 2014, Bitcoin has formed approximately 32 candlesticks before entering its parabolic phase in each cycle. His examination focuses on the intervals between the onset of bear market seasons and the initiation of major rallies.
During the 2014 bear market phase, BTC took 32 candlesticks to move into the mega bull run in 2016, and a similar pattern was noted in the 2018-2020 cycle. Presently, in the current cycle, Bitcoin has also printed 32 candlesticks since the bear market began in 2022, indicating that a mega bull run could soon follow.
BTC Faces Further Price Decline
Bitcoin’s value continues to face downward pressure, leading to a decline in its price and increasing speculation regarding its short-term forecasts. After reaching $64,500 on Monday, the asset has been trending downward.
Currently, BTC is exhibiting bearish behavior as it has dropped below the $61,000 threshold. This decline is thought to be influenced by news that the U.S. government might sell a significant amount of coins associated with the Silk Road darknet marketplace, following the Supreme Court’s ruling on October 7.
