- With the current market movement, how will Bitcoin end the year?
- Bitcoin has a predictable bull pattern every four years
- Institutional investors were purchasing the dip despite recent drawbacks
As the global crypto market witnesses sustained bears, crypto enthusiasts and analysts are divided as to what the market holds for the remaining months of the year. Some argue that the bears may stay in control for a while and give room for a small bull run, while others say that the bears may remain in charge till the year runs out.
But one analyst who thinks otherwise is Arsen. He says that what is happening in the market at the moment is not new; before any major bull run in the past, such drags happened. And, he provided data to substantiate that.
Will Bitcoin hit $330,000 soon?
Arsen says yes, Bitcoin will likely hit $330,000 before the year runs out. In an X post, he explained that major Bitcoin bull runs have always had predictable and verifiable patterns, stating that this pattern is usually noticed every four years. For instance, in 2012, the Bitcoin price surged by 9,000%, increasing from $12 to $1000.
An illustration of Bitcoin’s bull cycle. Credit: Arsen
“While you're being scared, smart money is doubling down. That’s because this dip is nothing new,” he posted.
“As you can see, Bitcoin goes to a new all-time-high every 4 years: 2012: Bitcoin goes from $12 to $1000 = ~9,000% increase. 2016: Bitcoin goes from $650 to $19K = ~3,000% increase. 2020: Bitcoin goes from $8K to $69K = ~1,200% increase. 2024:?”
Arsen further explained: “Notice how, in every consecutive cycle, the #Bitcoin returns get smaller by about ~60%. That would imply a 450% price increase this cycle, putting Bitcoin at $330,000 per coin.”
The net flow of crypto funds. Credit: CoinShares
However, the prediction for the price of Bitcoin comes amid a severe correction, with the cryptocurrency down about 23% from its all-time high of about $74,000, set just four months ago.
At the time of writing, Bitcoin was trading at $57,996, with a market cap of $1.14 trillion and a 24-hour trading volume of $25.3 billion. Experts attribute the recent losses to the German government's aggressive BTC sell-off and the ongoing Mt. Gox client repayment.
Despite the fear in the market and recent drawbacks, CoinShares data shows that institutional investors were purchasing the dip.
Credit: CryptoQuant
Furthermore, the onchain analytics platform CryptoQuant's weekly report observed that during the recent price decline, large investors in Bitcoin, or "whales," have kept adding to their holdings, per Cointelegraph.
Explainer: Why the crypto market is crashing
Meanwhile, TheRadar earlier reported that the crypto market had witnessed serious bleeding since the beginning of July. Nearly all coins, including the giants, Bitcoin, Ethereum, Doge, Solana, XRP, and BNB have been affected.
The report showed that the crypto market cap plunged, and Bitcoin bled too. The global crypto market cap and volume of trade have been affected.
