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Bitcoin is Preparing for the Next Bull Run, Will BTC Price Reach $100K During Next Cycle?

16 Sep, 20222 min readBitcoin
Bitcoin is Preparing for the Next Bull Run, Will BTC Price Reach $100K During Next Cycle?

Bitcoin price has yet again slumped below $20,000, despite the market sentiments remaining positive before & after the merge. Moreover, after a brief upswing, the prices are expected to drop as the indicators also turn extremely bearish in the longer time frame. In such a scenario, expecting a bull run could be impracticable at the moment.

As the day arises out of the dark, BTC price may also rise above the bearish influence as the star crypto appears to be preparing for another bull run ahead. Moreover, a known analyst, predicts the possibility of a 60% upswing, referring to Bulkowski’s data.

$BTC forms Symmetrical Triangle in wkly chart-a possible bottom signPerhaps #Bitcoin is just preparing for the next BULL RUN. According to Bulkowski’s data, there is a 60% upward breakout chance at 0.74 of the way. We see the history proofing him in 2015 and 18/19#crypto — Trader Tardigrade (@TATrader_Alan) September 16, 2022

The analyst highlights the repetitive patterns being followed by Bitcoin since its inception. The BTC price has formed a couple of symmetrical triangles, prior to every breakout in 2016 & 2019. After the price broke out from the triangle, the price soared high to form a new ATH each time. Interestingly, the crypto has formed a similar pattern at the moment and is hence primed for a breakout in the near future.

The Bitcoin (BTC) price is currently trading at $19,822.55 with a drop of 1.64% in the past 24 hours. The price may continue to trade around the same levels for some more time until it reaches the peak of the consolidation. With a breakout, the price may eventually rise above the crucial barriers and ignite a strong bull run very soon.

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