A closely followed crypto analyst is predicting how long the current Bitcoin (BTC) uptrend will last.
Trader Ali Martinez tells his 38,500 followers on the social media platform X that, based on historical four-year patterns related to halving events when miners’ rewards are cut in half, Bitcoin likely has two years remaining in its current uptrend.
“Bitcoin design around four-year cycles, driven by its halving events, often mirrors its price action. Historically, this translates to three years of bullish trends followed by one year of bearish correction. As per this cycle, BTC is in an upward phase, potentially extending until December 2025!”
The trader also noticed that miners have recently unloaded a huge amount of Bitcoin, which could cause the current BTC value to decline.
“In a notable move, Bitcoin miners have sold over 3,000 BTC [on December 27th], amounting to approximately $129 million. This substantial sell-off could influence the price of BTC.”
Bitcoin is trading for $42,182 at time of writing, down 1.2% in the last 24 hours.
The trader also believes that the native token of leading decentralized exchange (DEX) Uniswap (UNI) is in a bullish trend and could soon cross $10 after flipping a key resistance level into support.
“Uniswap has successfully turned a key supply wall at $7.23 into support, where 3,500 addresses hold over 20 million UNI. With the absence of major resistance ahead, the stage is set for UNI to potentially surge toward $10!”
Uniswap is trading for $7.56 at time of writing, down 3.4% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Source: https://dailyhodl.com/2023/12/30/bitcoin-primed-for-months-long-upward-phase-according-to-analyst-heres-when-the-bullish-trend-could-end/