Bitcoin (BTC) may be on the cusp of a long-term uptrend, at least that's what one prominent cryptocurrency analyst says. According to him, this bull market could last for two years. This is due to the four-year cycles associated with the Bitcoin halving, where miner rewards are cut in half. Historically, this results in three years of upward trends, followed by a year of downward correction.
Bitcoin bull market for several years
If we follow this cycle, BTC is already going through a bullish phase that may last until December 2025.
“Bitcoin is designed around four-year cycles, driven by halving events, often mirroring price action. Historically, this translates into three years of upward trends followed by a year of downward correction. According to this cycle, BTC is in a bullish phase, perhaps extending into December 2025!
Historically, this translates to 3 years of upward trends followed by 1 year of downward correction. According to this course, $ Bitcoin It is in an upward phase, and is likely to extend… pic.twitter.com/7B4sIpiWH8
– Ali (@ali_charts) December 29, 2023
According to Ali, the recent activity of Bitcoin miners is also interesting. On December 27, they sold a large amount of Bitcoin – more than 3,000 Bitcoin, which is equivalent to about $129 million. This significant sell-off could impact the value of Bitcoin, which is currently trading at around $42,182. Although there may be a short-term decline due to this selling, the long-term trend remains clearly bullish, according to Ali.
Bitcoin in 2024
Ali is convinced that the price of Bitcoin will do well in the near future, but of course this is not a guarantee. What is a guarantee is the fact that important matters are on the agenda. The Bitcoin halving, which is one of the reasons for Ali's positive prediction, will almost certainly happen sometime in April. Additionally, there is a very good chance that Bitcoin ETFs will be approved at the beginning of next year. Perhaps 2024 will indeed be a historic year for Bitcoin.
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