Crypto Analyst Points To Bitcoin Price History Repeating Itself – Are The Signs Bullish?

Semilore Faleti

1 year ago

3 mins read

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The general crypto market has recorded a slight decline in the last week, with the market leader Bitcoin losing 0.78% of its value over the last seven days.

This price loss amplifies BTC’s negative monthly performance, pushing its total loss in the last 30 days to around 5.38%, according to data from CoinMarketCap.

At the time of writing, the premier cryptocurrency is trading at around $29,022, with its daily trading volume valued at $10.746 billion, having gone down 12.54%.

However, amidst Bitcoin’s current downtrend, it appears the token’s larger performance could be indicating a bullish market in the coming months.

Bitcoin Could Be Repeating Historic Bullish Price Cycle – What Does This Mean?

On Aug. 4, crypto analyst Ali Martinez on social media platform X posted that Bitcoin is likely repeating a popular bullish cycle of its price history.

According to Ali, the token current’s price trajectory since attaining its all-time high in November 2021 is identical to its price movement between 2013 and 2017 based on data from Glassnode.

Bitcoin price performance since cycle ATH | Source: Glassnode

If this analysis proves correct, with Bitcoin mirroring its 2013-2017 price cycle, it means Bitcoin is expected to show little price movement in August 2023 and September 2023, perhaps recording some slight gains along the way.

However, Glassnode data shows BTC could experience a price upswing in October 2023, maintaining a bullish momentum all through this month. Thereafter, the token is expected to undergo a major re-correction finding 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 close the year in a strong consolidation zone.

Source: Glassnode

Beyond 2023, the BTC market could also be set for huge profits in 2024 and 2025 if Bitcoin is indeed repeating the 2013-2017 price cycle during which the market leader famously gained by over 1600%.

However, all investors are reminded that predictions are not guaranteed and should not be considered as investment advice.

Rising Optimism In The BTC Market

In other news, it appears there is a rising positive sentiment around Bitcoin, with a significant increase in its accumulation by key holders. According to a report by on-chain analytics firm Santiment, BTC whales and sharks are currently swapping their BUSD and DAI for more BTC.

Santiment noted the situation was quite the opposite back in July, with the BTC heavyweights shedding some of their holdings. However, the analytics firm reports that if the current trend is maintained, we could see BTC trade above $30,000 again.

In the last few weeks, Bitcoin has remained among the headlines, with much discussion on the ongoing Bitcoin ETF race in the US. On Aug. 2, Bloomberg ETF analysts James Seyffart and Eric Balchunas rated the approval chances of the first spot Bitcoin ETF at 65%. This is an impressive upgrade from 50% some weeks ago and 1% a couple months ago.


BTC trading at $28,979 on the weekly chart | Source: BTCUSD chart on Tradingview.com

Featured image from Forbes, chart from Tradingview.

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.