Despite recent fluctuations in the general crypto market, Bitcointhe flagship digital asset is showing signs of an impending major rally, possibly to a new peak, indicating a potential positive shift in price movement to the upside.
Bitcoin’s Mega Bull Run is beginning to unfold
Bitcoin is reportedly poised for explosive growth as the crypto asset moves closer to the long-awaited pivotal moment that will send BTC to unprecedented heights. Market expert and trader, Ether Nasyonal identified the positive development, which attracts the attention of the crypto community.
According to the market expert, Bitcoin appears to be entering the early stages of a mega bull run, marking an important moment for the crypto asset. This prediction is consistent with the increasing belief that BTC is poised for a breakout as many analysts and investors expect a major increase in the cryptocurrency’s value.
The expert’s forecast is based on a number of fundamental indicators and historical price trends, supported by an analysis of an Elliot wave, an important technical analysis that looks for recurring long-term price patterns associated with an ongoing change in the mood of investors.
Considering these indicators and trends, Nasyonic noted that one can easily determine Bitcoin’s direction by using the November 2021 candle as a guide. He further highlighted that the upper zone of the candle is at $61,352, which is currently undergoing a retest, and the lower zone is at $56,955.
In another X afterNasyonic also identified an interesting pattern on Bitcoin’s monthly chart. He claims that BTC is in the early stages of a mega bull run to one new record ever or cycle peak by observing the candlesticks on the monthly chart since 2014.
Nasyonic pointed out that the crypto asset has pushed about 32 candlesticks since 2014 before entering its parabolic phase in each cycle. His analysis focuses on the distance between the start of each bear market season and the start of a mega rally.
At the start of bear season in 2014, BTC needed exactly 32 candlesticks before entering the megabull stage in 2016, as well as the 2018-2020 cycle. Meanwhile, in the run-up cycleBitcoin has also pushed 32 candlesticks since bear season in 2022, indicating that the mega bull run is underway.
The price of BTC is facing more of a downward trend
Bitcoin’s price remains under negative pressure, causing it to drop several numbers, which has led to increased speculation about it potential in the short term. The crypto asset has been in a downtrend since reaching the $64,500 level on Monday.
Currently, BTC is showing a bearish move as its price has fallen below $61,000. This downward trajectory is believed to be caused by news that the US government may be looking forward to sale of a large number of coinsoriginally linked to the Silk Road darknet marketplace following the Supreme Court’s decision on October 7.
Featured image from Unsplash, chart from Tradingview.com