Bitcoin Price Model Predicts Mid-Cycle Lull Before Late 2024 Bull Run
Summary:
A new Bitcoin price model suggests that BTC will go through a "mid-cycle lull" before starting a bull run in late 2024. According to the model, Bitcoin's price will reach an all-time high in 2025. The model identifies November 28th as a key date, with historical data showing it as the launch point for Bitcoin's bull runs every four years. The next significant date is November 2024, until which time BTC price action is expected to remain relatively stable. This article provides insights into the Bitcoin price cycle and different perspectives on its future trajectory. It emphasizes the importance of conducting individual research before making investment decisions.
Bitcoin (BTC) is poised to test long-term holders with a "mid-cycle lull" before embarking on a bull run in late 2024, according to a new BTC price model introduced by analyst CryptoCon. The model, known as the "November 28th Cycles Theory," predicts that the all-time high for BTC will occur in 2025. With much discussion surrounding the nature of Bitcoin's four-year price cycle, CryptoCon simplifies the issue by pinpointing key pivot points in the year, notably the date of November 28th. The chart illustrates that this date has historically been a launch pad for Bitcoin's bull runs every four years, with the most recent occurring in 2020 when BTC/USD surpassed its previous all-time high, eventually reaching $69,000. The next November 28th of interest is in 2024, with BTC price action expected to enter a "mid-cycle lull" until that time. CryptoCon explains that after Bitcoin bottoms out, the price experiences an early upward cycle followed by a prolonged period of consolidation around the median price until the curve reaches its nadir. He also suggests that Bitcoin has likely already reached its early peak, citing the July 2021 local high of $31,800. Although opinions differ on what will happen to BTC price action leading up to the 2024 block subsidy halving, the prevalent belief is that modest gains are to be anticipated. In an interview with Cointelegraph, Filbfilb, co-founder of trading suite Decentrader, sets a target of $46,000 for the halving, while CryptoCon's model suggests that a "bull market fakeout" might occur in 2023 before the true rally commences. As of September 8, BTC/USD is trading at $26,200. Please note that this article does not provide investment advice or recommendations, and readers should perform their own research before making any financial decisions.
Published At
9/8/2023 9:39:12 AM
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