Bitcoin While (BTC) has begun to consolidate its price following a bullish rally triggered by false news regarding spot ETF approval, things look set to take a major turn for the better in the next few months if the leading crypto asset meets certain conditions.
In fact, crypto expert CoinsKid, in his analysis shared in a YouTube video on October 18, shared his theory that there is a “boom peak” in the market in 2024, taking into account historical data such as Bitcoin’s positive performance in September.
The real peak of a major impulsive move for me was in April 2021. (…) Since then, we have been in the corrective phase of a larger cycle, and I think that cycle looks set to end roughly next year.
cryptocurrency The expert also said that Bitcoin last had a very positive September in 2016, a year before the last cycle boom, and this September was the only positive return since the previous cycle boom. He added:
Data currently shows that we are looking at a breakout peak for Bitcoin next year. (…) This wouldn’t surprise me, and many other graphs add credence to my long-held theory.
As a reminder, a ‘blow-off top’ refers to a chart pattern that shows a sudden increase in price and volume followed by a sharp decrease in price and volume. Therefore, the crypto expert expects a major bear market after Bitcoin reaches the projected $200,000 and plans to exit at that point.