Despite a recent drawback in the price of Bitcoin, the largest crypto asset is still witnessing a wave of bullish predictions from several analysts as investors and traders anticipate a major rally in the short term, reflecting a strong sentiment in the potential of BTC among these crypto enthusiasts.
Is Bitcoin Poised For A Historic Bull Run?
In a bullish post on the X (formerly Twitter) platform, Ash Crypto, a market expert and trader pointed out the potential for Bitcoin to produce the biggest bull run in this ongoing cycle, fueled by improving market sentiment and past bull cycle trends. Ash Crypto is convinced that these factors could cause the digital asset to continue rising, possibly to a new all-time high in the near future.
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According to the market expert, Bitcoin is currently imitating the bull run that occurred in the 2020-2021 cycle. His claims might suggest that the bullish setup observed before BTC’s meteoric rise during the period is reflected in the present market structure and trend patterns.
Ash Crypto noted that as BTC mirrors the 2020-2021 trend, the digital asset has also formed a similar double Moving Average Convergence Divergence (MACD) crossover, which the analyst cited in the 1-weekly time frame.
During the 2020-2021 bull cycle, the first MACD crossover took place close to the MACD zero line and the price of Bitcoin was traded in an accumulation zone. Also, the second crossover occurred and the asset’s value began to rise rapidly, leading to a huge bull run within the period.
Meanwhile, in the ongoing bull cycle, when the first crossover happened last year, the price of BTC also moved into a specific zone. In the next 2 to 4 weeks, Ash Crypto highlighted that the second MACD crossover is expected to take place.
Following the development, the analyst anticipates another exponential growth in Bitcoin’s value in the upcoming months, which he believes will be a “grand massive bull run,” demonstrating his confidence in the optimistic trajectory of the current cycle.
3 Inverse Head And Shoulders Patterns in The Last Decade
Another crypto expert and enthusiast who has predicted a massive impending bull run for BTC is Trader Tardigrade. The market expert made the bold forecast after citing an inverse head and shoulders pattern on BTC‘s chart in different scenarios in the past 10 years.
Related Reading: Bitcoin Forms Inverse Head And Shoulders Pattern, Next Bullish Rally Imminent?
Specifically, the inverse head and shoulders formation suggests the end of a declining trend, which means that Bitcoin could be poised for an upward breakout out of its present phase. Meanwhile, according to Tardigrade, Bitcoin has witnessed this pattern for the third time since 2013.
Tardigrade noted that Bitcoin is forming the right shoulder within the third inverse head and shoulders at the moment. Thus, in the event BTC breaks out of the pattern, the analyst has predicted a huge bull run, potentially to a cycle peak.
Featured image from Unsplash, chart from Tradingview.com