The post Bitcoin Price Prediction: How Historical Patterns Could Signal the Next Big Rally! appeared first on Coinpedia Fintech News
All eyes are on Bitcoin. There is a strong feeling in the cryptocurrency community that something exciting is going to happen in the Bitcoin market soon. Many analysts have come up with various theories explaining why we should expect a boom in the Bitcoin market soon. The latest in this series, we have a strong statement from a crypto analyst, identified as Moustache, in the X platform. His statement is currently trending on the platform. Let’s see what he has said.
Is Bitcoin About to Surge? What Bitcoin Price Prediction Says
In a recent post published in X, Moustache has declared the present market scenario as the perfect situation to accumulate Bitcoin. He has predicted the occurrence of a massive uptrend in the Bitcoin market. He has compared the present scenario in the BTC market with that of the BTC market scenarios in 2012, 2016 and 2020. In all these three occasions, a period of strong positive momentum followed post a period of negative or stagnant momentum.
Anyway, he has recognized the lack of excitement in the current Bitcoin market. But it has not stopped him from producing a boom in the near future. He has used the Puell Multiple tool to justify his prediction of an upcoming Bitcoin bullish trend.
#Bitcoin – The Puell MultipleI call it here: This is your second best chance after 2022 to re-accumulate before the next wave starts.$BTC is where it was in 2012, 2016 and 2020.Even if it doesn't feel like it, I think we've some incredibly exciting months ahead of us. pic.twitter.com/lpVXQOXvtC
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 (@el_crypto_prof) August 30, 2024
What Does The Puell Multiple Convey
The Puell Multiple is a common tool widely used by crypto analysts. It is generally used to assess whether Bitcoin is overvalued or undervalued. What it does is it analyses the ratio between the current value of Bitcoin being mined and the average value of Bitcoin mined over the past year. In simple terms, the Puell Multiple value is the value that we get when we divide the current daily issuance by the 365-day moving average.
By looking at this indicator, we can easily understand whether Bitcoin is in a ‘cheap’ or ‘expensive’ zone. If it is in the cheap zone, it is the perfect time to accumulate.
From the above chart shared by Moustache, the Bitcoin price is currently in the ‘cheap’ zone or undervalued. So, it can be easily interpreted as the right time for the accumulation of Bitcoin.
In conclusion, there are many indicators that the Bitcoin market is about to enter a bullish trend. Nonetheless, what we see now are just early signals. Intelligence is to wait until a clear signal gets generated.
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