Experts argue Bitcoin bullish cycle is not over yet
- Veteran trader and investor Peter Brandt believes high volume panic capitulation is yet to occur in Bitcoin.
- Analysts believe that Bitcoin cycles are lengthening; the 4-year cycle theory may have come to an end.
- Bitcoin miner unspent supply is just 500 BTC away from an all-time high, bullish for Bitcoin price.
- Bitcoin price could hit an end-of-cycle top before the bull run ends, making the current cycle the longest one in crypto history.
Analysts expect a long Bitcoin bullish cycle in 2021 as lengthening occurs every four years. A price bottom is not yet in for Bitcoin, whilst analysts await the end-of-cycle top.
Bitcoin price could hit end-of-cycle top before end of 2021
Experts are weighing in on the lengthening Bitcoin bull cycles. Analysts have noted repeating patterns in Bitcoin cycles. The 2017 cycle was three days longer than the 2013 one. The current cycle is 149 days longer than 2017 one, implying that the Bitcoin bull run is not over yet.
If the pattern repeats, analysts predict that this could be the middle of the Bitcoin bull market, and the birth of a post-correction uptrend.
Peter Brandt, veteran trader and analyst, recently tweeted:
Implications of volume
— Peter Brandt (@PeterLBrandt) December 20, 2021
Key bottoms in $BTC have occurred with high volume panic capitulation
That has (yet???) to happen
Thoughts??? pic.twitter.com/dYmDNADxuP
Lark Davis, a Bitcoin analyst and YouTuber, believes that the current cycle could end the 4-year cycle theories of the past.
We may be seeing the end of the 4 year cycle theory for #bitcoin! Long live the lengthening cycles!
— Lark Davis (@TheCryptoLark) December 19, 2021
Bitcoin miner unspent supply, an indicator that measures BTC tokens accumulated by miners, is less than 500 Bitcoins away from its all-time high, based on data from aggregator Glassnode. This indicator shows an increasing Bitcoin supply-demand divergence that fuels a bullish narrative for BTC price.
Bitcoin Miner Unspent Supply
Analysts expect the Bitcoin top to be signaled by historical behavior within the chain and based on actions being performed across exchanges.
Bitcoin price has failed to clear the $48,500 resistance zone; it has found support at $45,500. @NinjaScalp, a Bitcoin trader and analyst, believes that price could make an upward move and target $50,000.
When you remove all the noise, $BTC looks to be forming higher lows after a 30%+ move
— Ninja (@Ninjascalp) December 20, 2021
favoring a move to the upside from here ($50k+)
anything below $45k is a gift and will look to add more to long exposure
Asia sell only is slowing down and it shows pic.twitter.com/1KE8oQ0rPK
FXStreet analysts have evaluated Bitcoin price and predicted a bullish expansion phase for BTC.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
