Crypto analyst, Mags, has made a bold prediction for Bitcoin. According to Mags, Bitcoin is about to have a rally, echoing of past cycles that led to new all-time highs.
Mags argues that Bitcoin’s present consolidation phase could be the start of another major bull run. This is by examining the state of the market and making comparisons with historical patterns.
Historical Patterns and Current Market Sentiment
Mags’ analysis is centered around the cycle pattern that is evident in Bitcoin’s price chart. The analyst points out that Bitcoin usually range bounds after touching a local high, a period of weakness in the BTC price before it starts the next leg up.
#Bitcoin – Bull run 2.0 Incoming.The current monthly consolidation on BTC looks a lot like the previous cycle when the price surged all the way to its all-time high. Back then, the price also consolidated near the ATH for months, with most people flipping bearish, before it… pic.twitter.com/b0olonVokl
— Mags (@thescalpingpro) September 1, 2024
This pattern has been seen in past bull runs, most notable in the late 2018 to early 2019 that led to the ATH and the bull run in 2020 to 2021.
Currently, Bitcoin appears to be within the same zone as it was in 2023 to 2024. During such periods the market usually becomes bearish and many investors lose their confidence.
However, Mags emphasizes that this bearish sentiment has historically been a precursor to bullish movements, suggesting that Bitcoin might soon experience another dramatic price increase.
Consolidation as a Launchpad for a Bull Run
From the chart Mags has shared, one can note that the price of Bitcoin cycles and that every consolidation phase is followed by a huge spike.
The analyst has termed it “Bull Run 2. 0” suggesting that Bitcoin might be preparing for another big run. The biggest idea to be noted here is that consolidation phases which are characterized by comparatively steady prices have been historic precursors to new ATHs.
Another insight that Mags has introduced is that this broader market, during these consolidation periods, turns bearish. However, such a sentiment signals the beginning of the bullish phase and the conclusion of the consolidation phase.
The inference is obvious: if the present pattern continues, Bitcoin appears to be about to experience another surge that will push it to all-time highs.
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Potential for a New ATH
The prediction of a new ATH is grounded in the historical comparison between the current and previous market cycles. According to Mags’ chart research, the current consolidation in Bitcoin is resembling the patterns seen in previous bull runs.
Bitcoin’s price may rise sharply if the trend keeps up, breaking through its previous all-time high and creating new records. A strong case can be made for the possibility of a “Bull Run 2.0” in the Bitcoin market by using Mags’ analysis.
The analyst offers a cautiously bullish forecast for Bitcoin by referencing past trends and the mood of the market. This implies that the consolidation period might soon give way to a fresh ATH.
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The post Crypto Trader Predicts ‘Bitcoin Bull Run 2.0’ – This Pattern Signals BTC Price Could Hit a New ATH Soon appeared first on CaptainAltcoin.
