The broad crypto market has seen a slight decline over the past week, with market leader Bitcoin shedding 0.78% of its value over the past seven days.
This price drop amplifies BTC’s negative monthly performance, bringing the total loss over the past 30 days to around 5.38%, according to data from CoinMarketCap.
At the time of writing, the leading cryptocurrency is trading around $29,022 with its daily trading volume estimated at $10.746 billion, down 12.54%.
However, given Bitcoin’s current downtrend, it seems that the token’s greater performance could be indicative of a bullish market in the coming months.
Bitcoin Could Repeat Historic Bullish Price Cycle – What Does It Mean?
On Aug. 4, crypto analyst Ali Martinez posted on social media platform X that Bitcoin is likely repeating a popular bullish cycle in its price history.
According to Ali, the token’s current price action since hitting its all-time high in November 2021 is identical to its price action between 2013 and 2017, based on data from Glassnode.
Bitcoin price history since cycle ATH | Source: Glassnode
If this analysis proves correct, as Bitcoin reflects its price cycle from 2013 to 2017, it means that August 2023 and September 2023 are likely to see Bitcoin little price movement, perhaps seeing some slight gains along the way.
However, data from Glassnode shows that BTC could experience a price surge in October 2023 and would maintain bullish momentum throughout the month. After that, the token is expected to undergo a major re-correction and find support in the first week of November 2023.
Based on the reference price cycle, Bitcoin could then experience a significant price drop in the last month of 2023 but end the year in a strong consolidation zone.
Source: Glassnode
Beyond 2023, the BTC market could also see huge gains in 2024 and 2025 if Bitcoin indeed repeats the 2013-2017 price cycle where the market leader is known to have gained over 1600%.
However, all investors are reminded that forecasts are not guaranteed and should not be relied upon as investment advice.
Rising optimism in the BTC market
In other news, there seems to be an increasingly positive sentiment towards bitcoin, with significant increases in bitcoin accumulation by key holders. According to a report by on-chain analytics firm Santiment, BTC whales and sharks are currently trading their BUSD and DAI for more BTC.
Santiment noted back in July that the situation was just the opposite when the BTC heavyweights dumped some of their holdings. However, the analytics firm reports that BTC trading could return above $30,000 if the current trend continues.
Related Reading: Bitcoin NVT Shows Bearish Crossover, Price Drop Imminent?
Bitcoin has remained in the headlines for the past few weeks, with much discussion surrounding the ongoing Bitcoin ETF race in the US. On Aug. 2, Bloomberg ETF analysts James Seyffart and Eric Balchunas rated the first spot Bitcoin ETF’s chances of admission at 65%. This is an impressive improvement from 50% a few weeks ago and 1% a few months ago.
BTC is trading at $28,979 on the weekly chart | Source: BTCUSD chart on Tradingview.com
BTC is trading at $28,979 on the weekly chart | Source: BTCUSD chart on Tradingview.comFeatured image from Forbes, chart from Tradingview.
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