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On July 10, Arsen Thagapsov, a crypto analyst expressed bullish optimism for Bitcoin's future outlook, foreseeing the value of the cryptocurrency surging to $330,000 within the 2024 bull cycle.
Crypto analyst predicts Bitcoin will rally to $330,000 in 2024 bull cycle
A crypto analyst has predicted that Bitcoin will rally to $330,000 in the 2024 bull cycle, based on a recurring pattern in BTC’s historic price actions.
On July 10, Arsen Thagapsov expressed bullish optimism for Bitcoin’s future outlook, predicting that the cryptocurrency will surge to $330,000 during the 2024 bull cycle. In his X (formerly Twitter) post, the analyst has based his ambitious forecast on a recurring pattern observed in Bitcoin’s historic price movements.
Sharing a price chart depicting BTC’s bull cycles and their respective record highs, Thagapsov disclosed that Bitcoin has consistently seen major price increases to new all-time highs following each four-year cycle. These cycles also coincide with Bitcoin’s halving events, which occur every 4 years.
To illustrate this point, the analyst highlighted Bitcoin’s previous bull cycles in 2012, 2016 and 2020. According to Thagapsov, in 2012, BTC rallied from a low price of $12 to $1,000, marking a massive 9,000% increase in its value.
Following this cycle, the cryptocurrency witnessed another huge price surge from $650 to $19,000 in 2016, showing a significant 3,000% spike. In 2020, which marked one of the biggest BTC rallies ever recorded, despite the market volatility at the time, Bitcoin jumped from $8,000 to a previous all-time high of $69,000, reflecting a huge 1,200% price surge.
Based on this recurring bullish trend, Thagapsov predicts that BTC will experience a 450% price increase to $330,000 in the 2024 market cycle. Between each four-year cycle, Thagapsov counted approximately 800 days before a Bitcoin bull run. According to his price chart, the market has already entered a bull run and is slowly gaining momentum to potentially hit new all-time highs soon.
Bitcoin’s price drops below $60,000 amid market instability
Despite Thagapsov’s promising predictions, Bitcoin has been on a major downward trend, encountering significant volatility and price declines amid ongoing market instability. While several analysts have predicted huge rallies for BTC in this bull cycle, recent weeks have seen the cryptocurrency’s price drop below the $60,000 mark.
According to crypto analyst Ali Martinez, the crypto market is showing a mood of extreme fear, which could be attributed to Bitcoin’s decreasing price and large-scale liquidations. At the time of writing, BTC is trading at $58,041, showing a 14% price decrease over the past month, according to CoinMarketCap.
While Bitcoin’s underperformance in June and July may have caused some concern, Martinez has revealed that the cryptocurrency’s accumulation trend score is finally turning positive. The analyst highlighted a noticeable shift in investors’ sentiment, showing that many investors are now actively accumulating BTC after an extended period of distribution in April.
Featured image created with Dall.E, chart from Tradingview.com
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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