Crypto Analyst Says It’s September 2016 For Bitcoin Again, What This Means
06 Septembre 2024 - 10:30PM
NEWSBTC
Crypto analyst CryptoCon stated in his recent market analysis that
the Bitcoin current price action is reminiscent of December 2016.
He further explained what he meant and provided insights into what
to expect from the flagship crypto going forward. “It
Is September 2016 All Over Again For Bitcoin” CryptoCon mentioned
in an X (formerly Twitter) post that it is September 2016 again for
Bitcoin. In line with this, he remarked that the “Bitcoin trend
strength prophecy” has been fulfilled. He explained that just like
in September 2016, Bitcoin has dipped into the support zone after
the mid-top. Related Reading: Dogecoin Moving Averages Say
Accumulation Has Ended, Here’s Where Price Is Headed Next To
further support his stance that the flagship crypto is mirroring
past trends, he noted that all months had been the same for support
zone entries for alternating cycles. He also asserted that the
“pattern of 3’s” has not failed yet, both in the mid-cycle or bear
market. His accompanying chart showed that Bitcoin is currently at
the last part of its reaccumulation zone, just before it hits a
cycle top, just like in the 2016 market cycle. Following his
analysis, CryptoCon boldly stated that the cycle is not over,
providing belief that Bitcoin will still hit new highs and surpass
its current all-time high (ATH) of $73,000, which it hit in March
earlier this year. Before now, the crypto analyst assured that
Bitcoin’s price dips are just a minor setback and that the crypto
will still rise to as high as $160,000 at the peak of this bull
run. CryptoCon also noted how Bitcoin experienced such choppy and
“boring” periods in previous halving cycles just before reaching
new ATHs the following year after the halving event. The crypto
analyst had previously predicted that the cycle top would come
sometime in November 2025. This projection is also based on
Bitcoin’s price action in previous halving cycles. More Hope
For BTC Investors Crypto analyst Mikybull Crypto also recently gave
Bitcoin investors hope that the worst was almost over for the
flagship crypto. In an X post, he stated that a Bitcoin parabolic
rally is looming as DXY is about to break down from the macro bear
flag. The analyst also noted that the same scenario occurred in
2017 and 2020. Related Reading: Shiba Inu Recovery To
$0.000081 ATH Levels Still In Play In another X post, Mikybull
Crypto stated that Bitcoin’s next expansion will raise its price to
$95,000. He added that Bitcoin is displaying a bull flag while the
DXY is on a bear flag on a macro chart. However, the crypto analyst
is confident that macro disbelief and fear are ending, with Bitcoin
set to enjoy its parabolic run when that happens. At the time
of writing, Bitcoin is trading at around $56,300, down in the last
24 hours, according to data from CoinMarketCap. Featured
image created with Dall.E, chart from Tradingview.com
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