Cryptocurrency world, Bitcoin$BTC
(BTC) is focused on its next step. Many analysts and market players suggest that Bitcoin could experience a major bull run in the near future. Recent analyses, in particular, have promising signs for cryptocurrency investors. Here are the views and details of the analyses of experts who follow the market closely.
Cryptocurrency analysis firm CryptoCon is drawing an optimistic picture about the future of Bitcoin. In its latest statements, the firm stated that Bitcoin is currently in a mid-cycle correction phase and is preparing for a major price increase. In this optimistic forecast by CryptoCon, an important indicator called Puell Multiple stands out. This indicator tries to predict the possible movements of the market by evaluating the income of Bitcoin miners. CryptoCon emphasized that this pattern was observed in the past ahead of the major bull runs in September 2012, 2016 and 2020. The firm argues that despite the current fluctuations, Bitcoin is preparing for another major rise:
"A bull market for Bitcoin is clearly in the offing. Not a recession, not a bear market, not another pessimistic price action. The phases in the Puell Multiple suggest that we are in the middle of a correction ahead of a real bull run."
The company also draws attention to Bitcoin’s famous halving cycles. According to the Halving Cycle Theory, significant increases in Bitcoin’s price usually begin in the period following the halving. It is stated that the next halving date is set as November 28, 2024, and a bull market is expected to last from that date until 2025.
Larry Fink, founder and CEO of BlackRock, one of the world’s largest asset management companies, has always been a name that has taken a cautious approach to cryptocurrencies. However, in his latest interview, he openly expressed his confidence in Bitcoin. Fink stated that Bitcoin offers uncorrelated returns and is therefore an important financial tool for portfolio diversification. Fink emphasized that Bitcoin has become an attractive option, especially for investors who are concerned about the monetary policies of countries.
Many countries are struggling with high inflation or large budget deficits, while local currencies are losing value. In these cases, decentralized assets like Bitcoin can offer investors an outlet. “I believe Bitcoin is legitimate,” Fink said, emphasizing the importance of Bitcoin’s place in the financial system. According to him, the asset will become even more popular as distrust of traditional currencies increases.
John Bollinger, an important name in the world of technical analysis, shared a positive view on the Bitcoin price. The famous analyst who developed the technical analysis tool called Bollinger Bands stated that a W formation was formed on Bitcoin's weekly chart and that this carried a bullish signal. Bollinger emphasized that this formation will usually cause the price to break out of a downtrend and rise. The W formation is a frequently used pattern in technical analysis and gives investors a trend reversal signal.
Bollinger said, “There is a nice W formation on the weekly BTC/USD chart. This is a bullish formation, but I am waiting for confirmation.” This situation indicates that investors should be careful before a bull market begins. Bitcoin has also responded positively to the interest rate decisions of the US Federal Reserve (Fed) recently. After the Fed’s 50 basis point interest rate cut, Bitcoin gained upward momentum and rose above the $63,000 level. Investors are watching with curiosity whether this price movement is the beginning of a bull market. On the other hand, analysts’ positive views reinforce this expectation.
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