The cryptocurrency market experienced a slight decline in the past week, with Bitcoin, the market leader, losing 0.78% of its value over the last seven days. This decrease in price adds to Bitcoin's negative monthly performance, resulting in a total loss of around 5.38% in the last 30 days, according to data from CoinMarketCap. Currently, Bitcoin is trading at approximately $29,022, with a daily trading volume of $10.746 billion, representing a decrease of 12.54%. Despite Bitcoin's current downtrend, its overall performance suggests a potential bullish market in the upcoming months.
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Will Bitcoin Price History Repeat Itself Bullishly? Bitcoin Could Be Repeating Historic Bullish Price Cycle – What Does This Mean?
On August 4th, a crypto analyst named Ali Martinez posted on social media platform X that Bitcoin may be following a bullish cycle similar to its price history. According to Ali, the current trajectory of Bitcoin's price since reaching its all-time high in November 2021 is identical to its price movement between 2013 and 2017, based on data from Glassnode. Will Bitcoin Price History Repeat Itself Bullishly?
According to analysis, Bitcoin may follow its previous price cycle from 2013-2017, resulting in minimal price movement in August and September 2023 with some slight gains. However, Glassnode data suggests that Bitcoin could experience a price upswing in October 2023, maintaining a bullish trend throughout the month. Following this, the token is expected to undergo a major correction and find support in the first week of November 2023. Based on the reference price cycle, Bitcoin may experience a significant price drop in December 2023 but end the year in a strong consolidation zone.
The BTC market has the potential for significant profits in 2024 and 2025, if it repeats the 2013-2017 price cycle, during which Bitcoin gained over 1600%. However, it is important to note that predictions are not guaranteed and should not be considered as investment advice.
Rising Optimism In The BTC Market
According to a report by Santiment, a firm that specializes in on-chain analytics, there has been an increase in the accumulation of Bitcoin by key holders. BTC whales and sharks are swapping their BUSD and DAI for more BTC, indicating a rising positive sentiment around Bitcoin. This is a significant change from July when the BTC heavyweights shed some of their holdings. If this trend continues, we could see BTC trade above $30,000 again.
Bitcoin has been making headlines in recent weeks, with much discussion on the ongoing Bitcoin ETF race in the US. Bloomberg ETF analysts James Seyffart and Eric Balchunas rated the approval chances of the first spot Bitcoin ETF at 65% on Aug. 2. This is an impressive upgrade from 50% a few weeks ago and 1% a couple of months ago.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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