Bitrabo Editorial
A cryptocurrency analyst advocates for continued investment in Bitcoin (BTC) amidst expectations of a forthcoming substantial upward movement. Despite recent price fluctuations and market unpredictability, the analyst remains optimistic about the future prospects of the cryptocurrency.
Anticipated Bullish Trend in Bitcoin
Through an X post on August 20, a crypto analyst known as ‘CryptoCon’ spotlighted Bitcoin’s current position utilizing an elaborate price chart. The analyst strongly believes that the most exciting phase of BTC’s market cycle is approaching.
CryptoCon suggests that exiting BTC now is parallel to departing before the market fully rebounds. The bullish outlook for Bitcoin is rooted in a metric named the “Puell Multiple cycle.”
The Puell Multiple cycle is a metric that contrasts the daily issuance value of Bitcoin with its yearly average. The analyst demonstrates that historically, BTC has displayed consistent resistance and support levels within its cycles based on the Puell Multiple.
This implies that Bitcoin is currently at a low point and primed for a significant rally. By sharing a price chart tracing Bitcoin’s price movements from 2010 to 2026, the analyst highlights the various bull cycles BTC has undergone over time.
Anticipated Breakout Signals for BTC
In another X post, a renowned crypto analyst referred to as ‘Jelle,’ shared optimistic projections for Bitcoin’s future value. The analyst pointed out a unique Wedge/Megaphone pattern present in BTC’s price chart, characterized by a distinctive megaphone or cone shape.
Jelle indicates that this distinct pattern often signifies an impending upward movement for a cryptocurrency. The analyst believes that once Bitcoin’s price correction concludes, the cryptocurrency is likely to break out of the Megaphone pattern in an upward trajectory, leading to substantial price surges.
Based on this pattern, the analyst foresees that BTC could potentially achieve new all-time highs by the fourth quarter (Q4) of 2024. As per CoinMarketCap, the current price of Bitcoin stands at $59,460 at the time of report.