Bitcoin (BTC) price soared in the first quarter but has been on a downward trend for almost half a year now. This has raised the question of whether the heyday of this cycle for the digital currency is already over. According to pseudonymous crypto analyst Kaleo, the bull market has only just begun, and the best is yet to come.
Bitcoin bull market has yet to explode
February and March are by far the best months of the year for Bitcoin. The Bitcoin price rose by no less than 60% during those months, even breaking the all-time high from 2021.
Then in April, the Bitcoin halving took place, which in the past has always opened the doors for a new explosive bull market. For now, however, a bull market is still a long way off, with the Bitcoin price now more than 25% below its all-time high of almost $74,000.
Kaleo compares the current market sentiment to last September, when Bitcoin was trading below $30,000. “The last time I can remember sentiment being this gloomy, where the majority of people were asking themselves, ‘Is it really over? / Will we ever see a real rally again? / Are there no more catalysts, etc.’ was… last September,” the analyst said.
Back in October, Bitcoin ended its months-long consolidation period and began an impressive rally that lasted until March of this year. Kaleo expects Bitcoin to stage another major rally in October, which he believes could mark the beginning of the bull market.
The fact that Bitcoin has already reached a new all-time high ahead of the halving gives Kaleo hope that we may be on the cusp of “the craziest bull market ever.” He’s also convinced there’s no question about whether the bull market has yet to begin or is already over; he believes most of it is still ahead of us.
Bitcoin performs rock solid in Q4
Kaleo isn’t the only one urging investors to get through September. Based on historical price data, Bitcoin could make one last attempt this month to drive as many investors out of the market as possible before a few excellent months lie ahead.
The fourth quarter is traditionally the time when Bitcoin shines. Since 2013, the average return in the last months of the year has been almost 89%, while the median is around 57%.
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Source: https://newsbit.nl/crypto-analist-voorspelt-ongekende-bullmarkt-dit-is-nog-maar-het-begin/
