Bitcoin

Will Bitcoin reach its new ATH soon? 

CryptoCon’s latest analysis suggests that Bitcoin might initiate its next bull rally somewhere in November 2024, a few months after its fourth halving.

Published

1 year ago

on

  • Bitcoin fell back below the $26,000 mark. 
  • Market indicators and metrics suggested a possible price uptick soon. 

Bitcoin’s [BTC] price has remained under bears’ influence for quite some time now, as it fell back below $26k at press time. Moreover, Glassnode Alerts’ tweet pointed out that BTC’s supply at loss reached a 7-month high of 7,670,004.977 BTC on 8 September.

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However, as reported

earlier, things might start to get more volatile in the coming days.

Is Bitcoin repeating its 4-year cycle? 

On 7 September, X (formerly Twitter) account CryptoCon posted a highlight about Bitcoin’s November 28th Time Cycles indicator. Notably, using 4-year time cycles against CryptoCon’s theory produced Bitcoin’s exact behavior in time since its inception.

As per the data, Bitcoin’s price could enter its “mid-cycle lull” phase soon.

As per the November 28th Time Cycles, Bitcoin’s current phase is where it will spend the longest time until the curve bottoms. If the analysis is to be believed, BTC will enter its next bull market somewhere in November 2024.

This also aligned with the upcoming halving, as halvings have historically been followed by bull rallies a few months after their completion.

However, as we are about to enter the mid-cycle lull phase, we can expect the king of cryptos to register slight upticks. A look at Bitcoin’s metrics shed light on whether that might happen in the near term. 

Bitcoin bulls might enter soon

At the time of writing, BTC was trading at $25,840.79 with a market capitalization of over $503 billion. CryptoQuant’s data revealed that most metrics were bullish, which could cause a price uptick soon.

Bitcoin’s net deposits on exchanges were low compared to the last seven-day average, suggesting that it wasn’t under selling pressure.

BTC’s aSORP was green, meaning that investors were selling at a loss. This typically indicates a bear market bottom. Moreover, the Net Unrealized Profit and Loss (NUPL) pointed out that the market was in a fear phase – another bullish signal.

Source: CryptoQuant

 

Read Bitcoin’s [BTC] Price Prediction 2023-24

A few market indicators also supported the buyers. For instance, the MACD displayed a bullish edge in the market. Bitcoin’s Money Flow Index (MFI) also registered an uptick and was headed above the neutral mark at press time, increasing the chances of a northbound price movement.

However, BTC’s Chaikin Money Flow (CMF) showed concerning signals as it declined slightly.

Source: TradingView

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