BitcoinThe recent drop in may have fueled speculation and doubts about an impending rally, but trader Tardigrade, a crypto analyst and enthusiast, has addressed these views by predicting a major bull market for BTC in the coming months, underscoring his confidence in the crypto asset’s potential to deliver massive gains in the long run.
New all-time high looms for Bitcoin with super bull run
As the price of Bitcoin continues to fluctuate, market expert and crypto expert, Trader Tardigrade, pointed towards an impending explosive growth as he expects a super bull run in the near future. Crypto expert, Tardigrade, shared his intriguing perspectives on Bitcoin’s long-term price action on the X (formerly Twitter) platform.
According to the crypto expert, it took about 20 months for Bitcoin to restore out of the bear market and reaches its former cycle peak. Now, the expert noted that the crypto asset has mirrored this particular trend in this cycle, spending 20 months before returning to its current all-time high during a typical bull run.
As a result, Tardigrade, after considering previous moves following this development, has predicted a super bull run in the near future, which could see the value of the digital asset soar to unprecedented heights in this ongoing bull cycle.
The message read:
Bitcoin took 20 months to recover from the bear market and returned to the previous high in the last cycle. Currently, BTC took the same 20 months and returned to the high with a normal Bull Run. Super Bull run is incoming according to the latest movements.
This optimistic forecast coincides with a steady shift in market attitudes from cautious optimism to outright exuberance as investors expect significant gains in the near term.
BTC is forming a descending, broadening triangle pattern
Trader Tardigrade seems very optimistic about Bitcoin’s potential for massive growth as he quoted a Descending Broadening Triangle pattern on the chart of BTC. The descending broadening triangle here is the two lines connecting a series of lower highs and lower lows. This bullish pattern specifically usually appears during a reject.
Tardigrade noted that Bitcoin is currently trading within the descending, wider triangle pattern following the recent market crash. He further noted that this was the same pattern that BTC followed in the 2019 and 2020 cycle, which caused a price surge of over 700% from around $10,000 to $70,000 following a breakout of the pattern.
Aligning the current shape with the 2019-2020 pattern, the analyst can expect a similar price reaction in this ongoing bull cycle. Should the crypto asset reflect this reaction, it could rise from its current price of $60,000 to around $420,000, indicating a 700% increase by the end of this bull cycle.
At the time of writing, BTC showed a healthy movement, rising more than 6% to $60,900 in the past week. Although the market cap increased by 3% in the past day, the trading volume was still down by around 18%.
Main image from iStock, chart from Tradingview.com