Despite recent fluctuations in the general crypto market, Bitcoin, the flagship digital asset is showing signs of an impending major rally, possibly to a new peak, which indicates a potential positive shift in price movement to the upside.
Bitcoin’s Mega Bull Run Begins To Unfold
Bitcoin is reportedly set for explosive growth as the crypto asset draws closer to the much-anticipated pivotal moment that will send BTC to unprecedented heights. Market expert and trader, Ether Nasyonal identified the positive development, capturing the attention of the crypto community.
According to the market expert, Bitcoin appears to be entering the early stage of a mega bull run, marking a significant moment for the crypto asset. This forecast is consistent with the rising belief that BTC is poised for a breakout, as many analysts and investors anticipate a large increase in the value of the cryptocurrency.
The expert’s prognosis is based on a number of fundamental indicators and historical price trends supported by an analysis of an Elliot wave, a key technical analysis that searches for recurring price patterns in the long term connected to a continuous shift in investors’ mood.
Considering these indicators and trends, Nasyonal noted that one may easily determine the direction of Bitcoin by using the November 2021 candle as a guide. He further highlighted that the candle’s upper zone is situated at $61,352, which is currently experiencing a retest, and the lower zone is at $56,955.
In another X post, Nasyonal also identified an interesting pattern on the monthly chart of Bitcoin. He claims that BTC is at the early stages of a mega bull run to a new all-time high or cycle peak by observing the candlesticks on the monthly chart since 2014.
Nasyonal pointed out that since 2014, the crypto asset has printed about 32 candlesticks before entering into its parabolic phase in each cycle. His analysis is focused on the distance between the start of each bear market season and the start of a mega rally.
At the start of the bear season in 2014, it took BTC exactly 32 candlesticks before entering the mega bull stage in 2016, as well as the 2018-2020 cycle. Meanwhile, in the ongoing cycle, Bitcoin has also printed 32 candlesticks since the bear season in 2022, suggesting that the mega bull run is on the horizon.
BTC’s Price Faces More Downtrend
Bitcoin’s price continues to face negative pressure, causing it to drop several digits, which has triggered heightened speculation about its short-term potential. The crypto asset has been on a downtrend since after hitting the $64,500 level on Monday.
Presently, BTC is demonstrating bearish movement as the price has fallen below the $61,000 mark. This downward trajectory is believed to be caused by news that the United States government might be looking forward to selling a large amount of the coins, originally linked to the Silk Road darknet marketplace following the Supreme Court’s decision on October 7.
Featured image from Unsplash, chart from Tradingview.com
Source: https://bitcoinist.com/bitcoin-enters-early-stages-of-mega-bull/