Bitcoin (BTC) may be on the cusp of a long-term uptrend, at least that’s what a prominent crypto analyst says. According to him, this bull market could last as long as two years. This is due to the four-year cycles associated with Bitcoin halvings, where miner rewards are halved. Historically, this leads to three years of bullish trends, followed by a year of bearish correction.
A multi-year bitcoin bull market
If we follow this cycle, BTC is already in an upward phase that may last until December 2025.
“Bitcoin’s design around four-year cycles, driven by the halving events, often mirrors price action. Historically, this translates to three years of bullish trends followed by a year of bearish correction. According to this cycle, BTC is in an upward phase, possibly extending until December 2025!”
#Bitcoin design around four-year cycles, driven by its #halving events, often mirrors its price action.
Historically, this translates to 3 years of bullish trends followed by 1 year of bearish correction. As per this cycle, $BTC is in an upward phase, potentially extending… pic.twitter.com/7B4sIpiWH8
— Ali (@ali_charts) December 29, 2023
According to Ali, the recent activity of Bitcoin miners is also interesting. On December 27, they sold a large amount of BTC – more than 3,000 BTC, which amounts to approximately $129 million. This significant selling could impact the value of Bitcoin, which is currently trading around $42,182. Although a short-term decline is possible due to this sale, the long-term direction remains clearly upward, according to Ali.
Bitcoin in 2024
Ali is convinced that the BTC price will do good business in the near future, but of course this is no guarantee. What is a guarantee is the fact that important matters are on the agenda. The bitcoin halving, which is one of the reasons for Ali’s positive prediction, will certainly take place sometime in April. In addition, there is a very good chance that bitcoin spot ETFs will be approved at the beginning of next year. Perhaps 2024 will indeed be a historic year for bitcoin.
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2023-12-30 18:13:14
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