Prominent on-chain analyst Checkmate has updated his view on Bitcoin’s (BTC) current market cycle, saying a parabolic rise appears to be on the cards.
The pseudonymous analyst tells his 90,000 followers on the social media platform
After six months say Checkmate that six months to a year of parabolic movements may follow, based on historical precedents:
“Bitcoin history tends to rhyme, and so far this cycle is no different. The song sung during the last two cycles paints about six months of chop solidation for us, followed by 6-12 months of parabolic progress.”
While some speculate that Bitcoin’s bull market may have already seen its peak, Checkmate says such a scenario would be a major break from the “norm” of BTC’s previous market cycles.
“If we measure from the cycle peak, we see the same refrain. Determining a bull market top here would undoubtedly be a major break from the Bitcoin norm. It could definitely happen, but we need to dig deeper to investigate… April has seen a price drop of over $8,250 MoM so far (month over month) I’m expecting texts from the sidelines saying ‘Hey man, what’s up the hand with Bitcoin, it has fallen a lot, I hope you sold it?’”
Checkmate isolates each year in which a Bitcoin halving occurs, noting that corrections like the one BTC has had since March are normal. The analyst also notes that the end of the halving years is usually quite bullish for Bitcoin:
“If we isolate just the Bitcoin half years (2012, 2016, 2020, 2024) we can see the MoM performance via table and graph. MoM corrections of this magnitude are the norm, not the exception, and year-end tends to be quite strong (as the early charts show).”
In addition to Checkmate, there are also other analysts who are bullish on Bitcoin, for example Michaël van der Poppe predicts earlier this week that the correction is almost over and economist Alex Krüger also predicts a strong rise in Bitcoin after a possible drop to $52,000.
At the time of writing, Bitcoin is worth $63,433.
Source: https://cryptobenelux.com/2024/05/05/analist-voorspelt-parabolische-stijging-na-consolidatieperiode-voor-bitcoin/
