Bitcoin
The bull run is not over, the price is expected to double soon
The cryptocurrency market, especially Bitcoin, made everyone nervous due to June’s volatility and unexpected price swings. The key question is: what comes next? Where are we going in July? Historically, is July a bullish or bearish month? Furthermore, when and where can we expect this bull run to conclude? The moment is always more critical in the market.
At Crypto Banter’s Kyle Doops Trading Show, The analyst said that on the daily chart, there was a small pullback towards the CME weekly close for Bitcoin. With Bitcoin and Ethereum closing in June, it is essential to look at the historical performance of July. He said that July has generally been bullish, with seven green months and four red months historically. If June closes positively, July could see continued growth.
In past cycles, after breaking all-time highs post-halving, Bitcoin has experienced several months of sustained upward movement. For example, after the 2017 halving, Bitcoin saw about eight months of growth before reaching the cycle top. Similarly, the 2017 cycle saw significant gains for nine months after breaking previous highs.
In the 2021 cycle, Bitcoin broke all-time highs, saw three months of growth, a pullback, and then a final top after 10 months. This pattern suggests an 8-10 month period of growth after breaking all-time highs.
Currently, we have not yet closed a candle at the all-time highs after the halving. If this happens in July, we could see growth until March to May 2025. If we consider a scenario with diminishing returns, a shorter period of growth, we could see significant movement until January or February 2025.
Looking at the timing of the first top in the 2021 cycle, there is a potential continuation of this bull run in February or March 2025. Given these analyses, he said that continued growth should be expected for the rest of this year. The bull run is not over. Simple technical analysis, such as the bullish flag pattern, suggests further upward movement. A significant measured move could see Bitcoin reach the $100,000 to $120,000 range, doubling from its current price around $60,000.