Amid growing speculations that Bitcoin may have topped this cycle, a top analyst has suggested otherwise, insisting that BTC has more upside.
Bitcoin is down a mere 6.4% from its all-time high of $112,000, and tongues are already wagging about a possible top. A recent analysis suggested that the crypto leader has reached its peak price for this cycle, citing several factors, including a weakening relative strength index (RSI).
Bitcoin Not Done Yet
However, a Wednesday commentary from experienced market analyst Titan of Crypto suggests otherwise. In the June 18 post, he highlighted that while Bitcoin is in the final phase of its bull cycle, it has more uncharted territories to conquer.
To add context, the watcher shared a 1-month Bitcoin chart showing Bitcoin’s price action in the last two bull cycles. The chart highlighted a clear fractal pattern in Bitcoin’s cyclical price movement, divided into one year of intense corrections followed by three years of parabolic expansion.
Bitcoin Historical Cycle | Titan of Crypto
Interestingly, as highlighted in the chart, Bitcoin’s cycles have followed a clear pattern. For instance, between 2014 and 2015, BTC saw 13 bars (396 days) of a bearish cycle, which aligned with its steep decline from a high of $1,242 to as low as $162.
Meanwhile, momentum picked up at the beginning of 2015, with prices gradually recovering over a 35-bar (1,065-day) period to reach their high of $19,804 in December 2017.
Interestingly, after this period of recovery and eventual bull run, another 13-bar (396-day) correction resumed, followed by the same 1,065 days of bullish uptrend to 2021’s high of $69,000.
Different Cycle, Same Pattern
Titan of Crypto shared that the systematic price development has endured for the third cycle running. After correcting 76% from 2021’s high to $16,240 in December 2022, its bullish phase kicked in in January 2023.
Currently, this parabolic expansion is in the 29th bar, with each month representing one bar. While its price has rallied 534.5% from January 2023’s opening to its current price, history suggests there could be more.
Furthermore, with the bullish phase of the last two cycles peaking after 35 bars, Bitcoin still has at least five more bars to go. This means that Bitcoin has until November this year, which is approximately 165 days from now, to continue its bullish uptrend.
Remarkably, Titan of Crypto did not mention a specific target this cycle. However, an earlier analysis predicted that it could soon rally to $137,000, citing a possible wedge breakout.
A Different Bull Cycle?
While analysts continue to bank on past data to predict Bitcoin’s near-term trajectory, some have suggested that this cycle could be different. Specifically, Michael Saylor suggested that crypto winter is way behind Bitcoin, predicting an extended bullish run to between $500,000 and $1 million before any notable correction.
Binance’s co-founder, Changpeng Zhao, and Brandon Green also agree, predicting a similar price outlook for Bitcoin. The latter tapped the growing institutional influence in Bitcoin and an impending supply shock to spur this explosive move.
