July 14, 2024
Bitcoin Price Soars Could This Be the Start of Another Bull Run
Bitcoin price today

Bitcoin Price Soars: Could This Be the Start of Another Bull Run?

Tuesday, July 9, 2024: Bitcoin Price Today is $57,249. Bitcoin’s bull market is set to resume in three months, with potential 300% gains by 2026, according to a fresh BTC price analysis from the pseudonymous engineer Apsk32. In a post on X on July 9, Apsk32 used his power law metric to forecast Bitcoin’s likely future performance in the BTC market, currently at $57,420.

Bitcoin power law fractal cloud. Source: Apsk32

Since BTC/USD was only worth $1, the power law has continuously provided a lower BTC price support range. Further bands, referred to as “time contours,” provide further details about prices and, in the end, project that the price of Bitcoin will reach $1 million by 2036. “Time contours tell us how long it will be before the support forces current prices upward,” an X post from June explained in more detail. Every bear market in the last 12 years has returned to this support level.

“The support passes one million dollars in 2036 and bitcoin isn’t stopping there.”

Apsk32 has contributed to the understanding of current market behavior, particularly the ongoing 25% decline from March’s all-time highs of $73,800, by projecting historical price actions into the current four-year cycle. “If bitcoin’s cycle pattern continues, price should remain inside or near this blue cloud,” was the summary of the most recent post.

“The ETFs pushed us out of the cloud and now we’re reverting back. We’re 3+ months away from upwards acceleration and we could see prices go up 4x by the end of 2025.”

Understanding the “Power Law Fractal Cloud”

The so-called “Power Law Fractal Cloud,” which acts as a future reference range for BTC/USD, is depicted in an accompanying graphic in Apsk32’s research. Apsk32 did admit, though, that “Does the price have to stay within the cloud? Absolutely not.”

“This time could be different, in fact it already is.”

According to sources, as panic spreads throughout the cryptocurrency market, Bitcoin dealers are preparing for additional drops in the price of BTC. Sub-$50,000 levels have come back into view, bringing the present decline in line with historical patterns. Still, there are encouraging signals: over the last month, the selling by Bitcoin miners has decreased, and net inflows for U.S.-based spot Bitcoin exchange-traded funds (ETFs) have resumed.

Source: Filbfilb

ETF inflows reached a record high of around $300 million on July 8, surpassing the total for a single day in more than a month, based on information provided by U.K.-based investment firm Farside Investors.

US-based spot Bitcoin ETF net flows (screenshot). Source: Farside Investors

Noting this pattern, well-known trader Jelle said, “Looks like the boomers & institutions are buying the dip here, while Germany offloads a bunch of coins,” distinguishing the German government’s sales of Bitcoin and ETF purchases.

“Coins moving from weak, to strong hands.”

Image by Miloslav Hamřík from Pixabay

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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