Independent market analyst Arsen is unfazed by Bitcoin's (BTC) recent price drop and predicts a massive bounce back to $330,000 in the current bull cycle.

Smart money is accumulating Bitcoin

Arsen notes that the smart money, such as institutional investors, market experts, and other financial professionals, accumulated Bitcoin during Bitcoin's last correction cycle. This shows the long-term bullish trend for the top cryptocurrency.

For example, Bitcoin's first bull cycle in 2012 lasted 800 days and its price increased by 9,000%. Subsequent cycles, in 2016 and 2020, lasted approximately 800 days and the BTC price increased by approximately 3,000% and 1,200% respectively.

However, the Bitcoin price prediction comes with a nearly 23% decline from BTC's all-time high of $74,000 established four months ago.

As of July 11, the leading cryptocurrency was trading at a low of $57,000. Their last loss was the ongoing Mt. Gox was driven by customer compensation and the German government's aggressive BTC sale.

Bitcoin's ongoing correction is far from a bottom, according to some analysts, but many remain convinced of a long-term bull scenario similar to Arsen's $330,000 price target.

For example, analyst Markus Thielen at 10x Research suggests that BTC price will drop to $50,000 in the coming weeks due to a double top formation. Double tops are considered bearish reversal patterns, as shown in the chart below.

Another market analyst, Apsk32, sees a correction by October, followed by a 300% rally by 2026.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions. What are you thinking? Share your comments below.