Bitcoin: Bulls on the Charge Despite Short-Term Volatility

[CryptoSaint]

The price remains volatile, experiencing midweek surges followed by fluctuations. Bitcoin current price is hovering around $66,000, there's a sense of validation for a potential breakout, with some analysts projecting a rise towards $70,000.

Concerns Addressed: Accumulation and Liquidity Signals

Despite the recent decline from its all-time high in March, on-chain expert Willy Woo believes significant price increases are on the horizon. He sees the current consolidation as a "warm-up" phase for Bitcoin, supported by substantial liquidity. This liquidity reduces the long-term risk associated with consolidation periods.

Drawing from historical trends, Woo anticipates a bullish trajectory for Bitcoin. However, he warns of potential risks that may accompany surges driven by new investments.

Is a Bullish Cycle on the Horizon?

Echoing Woo's sentiments, crypto analyst Ki Young Ju asserts that Bitcoin is currently in a bullish cycle. Ju highlights the discrepancy between Bitcoin's market valuation (growing faster) and its actual market cap. This is measured against the realized cap, which estimates the total market value of all circulating coins at current prices.

This trend, observed over the past two years, could potentially indicate the continuation of the bull market until April 2025, if current patterns hold true.

 

[Imam]

Post halving 🔥

[KPSingh]

Actually, this is not something new. We have seen this phenomenon after the previous three halvings, where the price experienced a sudden crash followed by reaching new heights. However, the difference this time is the approval of the Bitcoin ETF. So, the price may not skyrocket as much as we have seen in the years following the previous three halvings.