Bitcoin‘s recent decline may have triggered speculations and doubt about an upcoming rally, but Trader Tardigrade, a crypto analyst and enthusiast, has addressed these views by predicting an imminent large bull run for BTC in the next few months, underscoring his confidence in the crypto asset’s potential to amass massive gains in the long term.
New All-Time High Looms For Bitcoin With Super Bull Run
As Bitcoin’s price continues to fluctuate, market expert and crypto content, Trader Tardigrade have pointed to an impending explosive growth as he anticipates a super bull run in the foreseeable future. The crypto expert, Tardigrade shared his intriguing perspectives on Bitcoin’s price action in the long term on the X (formerly Twitter) platform.
According to the crypto expert, in the previous cycle, it took Bitcoin about 20 months to recover from the bear market and reach 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 past moves following this development has predicted a super bull run in the near future, which could see the value of the digital asset rising to unprecedented heights in this ongoing bull cycle.
The post read:
Bitcoin spent 20 months to recover from the bear market and got back to the previous high in the last cycle. Currently, BTC spent the same 20 months and reclaimed back to the high with a normal Bull Run. Super Bull run is incoming according to the last moves.
This bullish prediction coincides with a steady shift in market attitude from cautious optimism to outright exuberance, as investors anticipate significant gains shortly.
BTC Forms Descending Broadening Triangle Pattern
Trader Tardigrade appears to be very optimistic about Bitcoin’s potential for massive growth as he has cited a Descending Broadening Triangle pattern on the chart of BTC. The descending broadening triangle here is the two lines connecting a sequence of lower highs and lower lows. Specifically, this bullish pattern usually appears during a decline.
Tardigrade noted that Bitcoin is currently moving within the descending broadening 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 triggered an over 700% increase in price from about $10,000 to $70,000 after a breakout from the pattern.
By aligning the current form with the 2019-2020 pattern, the analyst might be anticipating a similar price reaction in this ongoing bull cycle. Should the crypto asset mirror this response, it could rise from the current price of $60,000 to about $420,000, indicating a 700% increase by the end of this bull cycle.
At the time of writing, BTC was demonstrating a healthy movement, rising by over 6% to $60,900 in the past week. Although its market cap has increased by 3% in the past day, its trading volume was still down by about 18%.
Featured image from iStock, chart from Tradingview.com
