The Real # Bitcoin Bull Run Hasn't Even Started

When you look at the chart, you'll see that Bitcoin often moves sideways for a few months after the halving. This means the price doesn't go up or down

After a period of initial volatility this month, BTC price hit the $66.000 mark for the first time in almost a month at the beginning of the week. It returned to the same level this weekend following a significant rally in the last 24 hours.

In light of the latest movements of the largest cryptocurrency on the market, a cryptocurrency trading expert has warned investors to prepare for bigger gains from Bitcoin. The bullish analysis by the pseudonymous analyst Mags was based on historical patterns of the asset.

In a technical analysis shared in an X post on July 19, the expert noted that Bitcoin's historical price movements and technical indicators are suggesting that a legendary bull rally for the largest crypto asset could be near. For the expert, Bitcoin's real bull run has not yet started.

In one of his main observations, the analyst highlighted the lateral movements after the Bitcoin halving events. Notably, for some months, Bitcoin trades sideways after each halving event.

“Bitcoin’s real bull run hasn’t even started. When you look at the chart, you will see that Bitcoin generally moves sideways for a few months after the halving. This means that the price does not rise or fall much during this period. Historically, this sideways movement is the last chance to buy Bitcoin at a lower price before it goes vertical and peaks. At the moment, the monthly RSI has not yet reached extreme levels (90+) as seen in previous cycles. This suggests that there is still a lot of potential for Bitcoin to rise. The next phase of this bull cycle will be legendary,” he wrote.

The Real # Bitcoin Bull Run Hasn't Even Started

When you look at the chart, you'll see that Bitcoin often moves sideways for a few months after the halving.

This means the price doesn't go up or down much during this period.

Historically, this sideways movement is the last… pic.twitter.com/eSzlmLsq5D

— Mags (@thescalpingpro) July 19, 2024

At the time of publication, the Bitcoin price was quoted at US$66.549,05 with an increase of 3.7% in the last 24 hours. In the last seven days, the Bitcoin price increased by 13.8%.