The post The Bitcoin Bear Cycle is Over! Here Is When The Next BTC Price Breakout! appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
The bloodbath in the crypto-verse over the past couple of months resulted in a loss of over half a trillion market cap. Especially Bitcoin and Ethereum have stuck up at range–bound scale failing to encounter the bearish trap. Whilst correction appears to be at its final phase, on-chain metrics are slowly turning bullish. If the BTC price undergoes a little more correction below $40k we may expect an impulse wave.
Bitcoin Awaits To Make a Solid Comeback!
The flagship asset has been dreary with no significant price action since the May 19th market crash. Further, the asset is failing to reach its true potential since then. However, according to Elliot wave theory illustration, correction is almost at its end-phase, the move below $40k would drastically uplift the price action.
The above chart signifies that the last bull cycle ended in Q1 2021, where the asset has enjoyed gains of over 600%. But later the asset was almost stable with no volatility. However, as the number of on-chain metrics is gradually turning bullish, a correction may last anytime soon.
Why BTC Price Would Breakout?
- As per the Elliot wave theory, after the massive bull cycle in 2017-18, Bitcoin has undergone a requisite correction for over one year. It is likely that we may commence with another bull cycle as it’s been almost a year since the asset is sluggish.
- Bitcoin price usually follows its hash rate, as the hash rate is spiked to its ATH we may expect a price boom.
- Reports from the Santiment confirm that over the past 3 months the number of whale addresses over 10k+ BTC has edged back at 89 after dropping from 120 to 79. The collective accumulation by whales is further anticipated to catalyze the price action.
- Bitcoin long-term holders supply has reached a new ATH, and there are no reports of sell-offs over the past couple of weeks. Hence, we might get to see some good spikes in the short term.
Collectively, the flagship asset is anticipated to experience massive accumulation under $40k. In addition, the above catalysts would help boost the price action. The next couple of months are crucial for the asset, as soon as retailers make a comeback, sooner the supercycle we can expect with at least 2x price action.
Source: https://coinpedia.org/bitcoin/the-bitcoin-bear-cycle-is-over/
