As most of the cryptocurrency market has been trading without dramatic changes for weeks now, crypto traders and analysts are trying to discern whether any developments to the upside can be expected for its flagship asset and how soon.
Taking into account the Bitcoin (BTC) charts and observing historical bear market trends, the maiden cryptocurrency could be in for a bullish run, but not before April 2023, according to a tweet from crypto analyst Kevin Svenson on October 20.
Using the chart, Svenson identified Bitcoin cycle tops for 2013, 2017, and 2021, as well as the subsequent bullish pivots, as well as observed how long the bear markets lasted before taking a turn toward the upside.
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According to the analyst, the bullish pivot after the 2013 cycle top started after 81 weeks, while the next bullish pivot started after 68 weeks of bearishness. This has led Svenson to conclude that the next bull market should begin at an average of 75 weeks after the November 2021 cycle top.
What do other predictions say?
Meanwhile, the long-standing crypto market consolidation, Bitcoin’s ‘nonexistent’ on-chain activity, as well as low interest from both bulls and bears alike, have given rise to multiple analyses and predictions concerning the direction in which the major asset could be moving.
Based on a number of technical analysis (TA) indicators, Bitcoin could be in for more pain in the near future due to its descending triangle pattern strikingly reminding of the one it exhibited during the bear market crash of 2018.
On the other hand, another analysis has shown that the largest cryptocurrency might still make a significant push to the upside soon, crypto trading expert Michaël van de Poppe voiced his observation that Bitcoin was still waiting for a breakout one week after predicting a “very big move” for it.
At the same time, Bloomberg’s commodity strategist Mike McGlone has suggested that Bitcoin has an ‘appreciation advantage’ signaling an ‘unstoppable maturation stage’ that stands out compared to products like crude oil, as Finbold reported.
Bitcoin price analysis
As things stand, Bitcoin is trading at $19,139, representing a decline of 0.19% on the day, but still, an increase of 0.70% compared to the previous seven days.
Its market capitalization is currently standing at $367.09 billion, according to CoinMarketCap data retrieved by Finbold on October 20.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
