Although Bitcoin (BTC) has started to consolidate its price following the bullish rally triggered by the false reports on spot Bitcoin exchange-traded fund (ETF) approval, things could take a massive turn for the better in the next few months if the maiden cryptocurrency meets certain conditions.
Indeed, pseudonymous cryptocurrency industry expert CoinsKid offered his theory that suggests a “blow-off top” in the market in 2024, taking into account historical data, such as Bitcoin’s positive performance in September, in an analysis shared in a YouTube video on October 18.
“The true top, for me, of a massive impulsive move was in April 2021. (…) Since then, we’ve been in a corrective phase of a larger cycle, and I think this cycle is looking to end roughly next year.”
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Furthermore, the cryptocurrency expert said that the last time Bitcoin had a very positive September was in 2016, which was the year before the last cycle blow-off top, and that this September was the only positive return since the previous cycle blow-off top, adding that:
“The data is stacking up right now that we are looking at a blow-off top next year for Bitcoin. (…) It would not surprise me, and so many other charts are adding confidence to my theory that I’ve had for a very long time.”
As a reminder, ‘blow-off top’ refers to a chart pattern showing a sudden increase in price and volume, followed by a sharp drop in price and volume. Hence, the crypto expert anticipates a massive bear market after Bitcoin reaches the projected $200,000 and plans to exit at this point.
Bitcoin price analysis
As things stand, the price of Bitcoin at press time amounted to $28,400, indicating a decline of 0.24% on the day but still a 6.01% gain in the last week and an increase of 4.98% over the month, according to the most recent charts retrieved on October 19.
It is also important to note that other crypto experts still consider the current price area of Bitcoin as a good opportunity to accumulate before the flagship decentralized finance (DeFi) asset begins its inevitable move upwards, as Finbold reported earlier.
Watch the entire video below:
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
