Despite the recent decline in Bitcoin’s value, independent market expert Arsen is optimistic and believes the cryptocurrency will rise further, reaching $330,000 in the current bull cycle.
What Arsen believes to be a pattern of smart money—institutional investors, market analysts, and other financial professionals—purchasing strategically of Bitcoin after its recent price slump is what keeps him optimistic. He thinks that this pattern supports a bullish long-term prognosis for the top cryptocurrency.
Bitcoin Bull Run Ahead?
Arsen places the current decline in the context of Bitcoin’s roughly four-year bull cycles, which are characterized by notable price gains. He cites the first bull market cycle in 2012, which saw an astounding 9,000% increase in Bitcoin’s price over the course of 800 days.
Although they lasted almost the same amount of time, the following cycles in 2016 and 2020 produced increases that were progressively smaller—3,000% and 1,200%, respectively.
Arsen estimates that Bitcoin’s value might climb by 450% for the current cycle, possibly reaching $330,000, based on this falling pattern of returns, which normally decrease by roughly 60% with each cycle.
Source: Arsen
Notwithstanding the hopeful projection, Bitcoin is presently experiencing a significant downturn, having dropped roughly 23% from its peak of over $74,000, which was reached barely four months ago.
The price of the coin is a modest $57,000 as of July 11. A number of events, including the Mt. Gox payout to clients and an aggressive sell-off by the German government, contributed to this decrease.
Nonetheless, institutional investors appear to be taking advantage of the reduced pricing, according to CoinShares statistics, indicating that they have faith in the resiliency of the commodity.
Arsen’s bullish outlook is further supported by a weekly report from the onchain analytics platform CryptoQuant, which shows that the largest Bitcoin investors, or “whales,” have been increasing their holdings despite the recent price decline.
Their assets have increased by 6.3% month over month, which is the fastest pace since April 12. This increase is said to indicate that interest in Bitcoin is growing.
What Experts Are Predicting for the Next Bull Run
Even with the current difficulties, many experts have a positive long-term market outlook, which is consistent with Arsen’s $330,000 estimate. More cautious short-term outlooks are provided by other market experts.
For example, 10x Research’s Markus Thielen sees a possible drop to $50,000 as a result of a double top formation, a chart pattern that is frequently interpreted as a bearish reversal.
Similarly, MN Capital’s founder Michaël van de Poppe believes Bitcoin may fall below its low of $56,000 on May 1st, drawing on demand-side liquidity and perhaps even lower to $52,800.
Apsk32, another analyst, predicts that there will be a correction that lasts until October and then a strong 300% rally that ends in 2026.
The general feeling is that experts in the market are becoming more positive about the future of bitcoin. A lot of analysts think that in the upcoming months, Bitcoin will rise significantly.
Independent market analyst Arsen believes agrees with that and believes that Bitcoin might reach $330,000 in value, propelled by a trend of big investors buying the cryptocurrency despite recent price swings.
It is believed that this purchasing activity is a sign of hope for Bitcoin’s future. Although some analysts warn that there might be brief price corrections, the general consensus is still positive about Bitcoin’s future.
The post Bitcoin (BTC) Price Prediction July 2024 – Bitcoin Skyrocketing to $330,000? What Experts Are Predicting for the Next Bull Run appeared first on Coinfomania.