Bitcoin
The bull run is not over, the price is expected to double soon
The cryptocurrency market, especially Bitcoin, has everyone on edge due to June’s volatility and unexpected price swings. The main question is: what’s next? Where will we go in July? Historically, is July a bullish or bearish month? Also, when and where can we expect this bull run to end? Timing is always the most 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 the upcoming June closes for Bitcoin and Ethereum, it is essential to look at July’s historical performance. 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 previous cycles, after breaking all-time highs following the halving, Bitcoin has experienced several months of sustained upward movement. For example, after the 2017 halving, Bitcoin had about eight months of growth before reaching the top of the cycle. Similarly, the 2017 cycle saw significant gains for nine months after breaking previous highs.
In the 2021 cycle, Bitcoin broke all-time highs, had three months of growth, a pullback, and then a final top after 10 months. This pattern suggests a period of growth of 8 to 10 months after breaking all-time highs.
Currently, we have yet to close a candle at all-time highs post-halving. If this happens in July, we could see growth through March to May 2025. If we consider a scenario with diminishing returns, a shorter period of growth, we could see significant movement through January or February 2025.
Looking at the timeline since the first cycle top in 2021, there is a potential continuation of this bull run until 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 its current price around $60,000.