Although Bitcoin (BTC) is back below the critical psychological threshold of $31,000 it had reclaimed earlier and continues to consolidate, historical trends and indicators suggest that the decentralized finance (DeFi) asset has officially entered the bull market.
Indeed, the digital asset’s earlier chart patterns, specifically those from 2016 and 2019, suggest that “the Bitcoin bull market has officially kicked off,” according to the observations shared on Twitter by the pseudonymous cryptocurrency market analyst known as Seth on July 11.
Moreover, as the crypto expert explained, the upcoming Bitcoin move “isn’t just a trend, it’s a revolution” as “institutional investors are lining up, ready to dive into the digital gold rush.” Furthermore, Seth predicts the wide-reaching effects of this, calling them “a seismic shift in the financial landscape.”
Meanwhile, the above crypto trading analyst’s predictions line up with those of another crypto expert, Trader Tardigrade, who noted that Bitcoin’s price momentum oscillator (PMO) has turned green after a period of time in the red similar to that in 2014/15, which followed “a huge bull run to [all-time high (ATH)] later on.”
Bitcoin price analysis
As things stand, the maiden cryptocurrency is currently changing hands at the price of $30,798, indicating an increase of 0.79% in the last 24 hours, adding up to a 19.10% gain across the previous 30 days, despite a very minor loss of 0.02% over the past week, according to the latest charts retrieved on July 12.
Notably, some investors and finance experts believe that Bitcoin could hit the price of $100,000 or even $120,000 by the end of 2024, with financial analyst and Midas Touch Consulting managing director Florian Grummes suggesting the former and ‘Rich Dad Poor Dad,’ author Robert Kiyosaki arguing the latter.
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