The current volatility of the crypto markets can be a cause of concern for many, but here’s why you needn’t let it distract you from the long-term perspective.
Most crypto analysts suggest that Bitcoin has entered a multi-quarter accumulation zone before a parabolic rally to price discovery. However, be prepared for mixed gains and choppy markets in the coming months before next year’s halving event. On top of that, crypto regulatory scrutiny in the United States has heightened, posing a potential destabilization threat to most crypto companies.
Bitcoin Market Forecast
Several models have been created to forecast the Bitcoin market before the next macro-bullish cycle. Among them is one by EgragCrypto dubbed the secrets of 20 MMA. According to the analyst, Bitcoin has to close a monthly candle above $32.3k to signal the onset of the macro bull market. The analyst mapped out similar instances in the previous Bitcoin cycles that the 20 MMA signalled a bull run.
Also Read: Crypto Bull Run: This is When Altcoin Season Will Start – Coinpedia Fintech News
Having broken out of the weekly logarithmic downtrend, the analyst believes the bottom has already been achieved. As a result, the question posed by the analyst is how high can Bitcoin price rally in this cycle amid mainstream adoption.
“I am in the camp that BTC will go to $500K – $750K next cycle and my rationale behind it is that the Crypto space will be similar to DOTCOM Bubble but in the year 2026-2027,” the analyst concluded.
Altseason Around The Corner
A Bitcoin breakout is a major buy signal in the altcoin market. Notably, altcoins with vibrant global online communities and real-world utilities are expected to lead in the alt season. In the near term, altcoins are expected to take charge after Bitcoin’s market dominance hit a significant resistance level of around $48 per cent. The Ethereum and XRP breakout has significantly increased the confidence of altcoin bulls.
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Source: https://coinpedia.org/bitcoin/bitcoin-price-prediction-heres-how-btc-price-will-reach-the700k-mark/