đ WILL BITCOIN HIT $330K THIS CYCLE? đ
Independent market analyst Arsen remains unfazed by the recent dip in Bitcoinâs price, predicting a monumental rebound to $330,000 in the current bull cycle.
đ§ Smart Money is Accumulating Bitcoin đ§
Arsen argues that smart money â institutional investors, market experts, and other financial professionals â has accumulated Bitcoin during its recent correction cycle, indicating a long-term bullish bias for the top cryptocurrency.
đŁïž âThatâs because this dip is nothing new,â the analyst noted, referring to Bitcoinâs previous bull cycles, which occur every four years and witness explosive price growth.
For instance, Bitcoinâs first bull cycle in 2012 lasted 800 days and saw its price rise by a whopping 9,000%. The next cycles, in 2016 and 2020, lasted for around 800 days each, and BTCâs price surged by approximately 3,000% and 1,200%, respectively.
đ BTC/USD Bull Cycles Illustrated. Source: Arsen đ
âNotice how, in every consecutive cycle, the Bitcoin returns get smaller by about ~60%,â Arsen wrote, adding:
đ âThat would imply a 450% price increase this cycle, putting Bitcoin at ~$330,000 per coin.â đ
The Bitcoin price prediction comes amidst a sharp correction, with BTC down around 23% from its all-time high of around $74,000, established just four months ago.
đ How Low Can Bitcoin Go Before Resuming Its Bull Run?
Bitcoinâs ongoing correction is far from bottoming out, according to some analysts, but most remain convinced about a long-term bull scenario akin to Arsenâs $330,000 price target.
Where do you think the price is headed?
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