Recent Bitcoin Price Volatilityincluding the crash below $50,000 last month, which significantly slowed down the dynamics many analysts expect a bull marketDespite the price stagnation, one crypto analyst believes Bitcoin’s bull run is still going mighty, predicting a surge to over $100,000 once the current price corrections stabilize.

Bitcoin Bull Run Still Strong

Popular cryptocurrency analyst CryptoCon sees Bitcoin’s Recent Price Drop as a minor setback, suggesting that the cryptocurrency is highly anticipated running of the bulls remains unfazed. The analyst took to X (formerly Twitter) on Aug. 28 to offer a bullish view forecast for Bitcoin, based on its current price behavior based on historical trend patterns.

CryptoCon indicated that recent market events or news regarding Bitcoin price drop and market volatility can be distracting for many investors, causing them to lose sight of the bigger picture. The analyst shared a detailed Bitcoin price chart showing all of the halving cycles from 2013, each of which clearly showed a similar bullish pattern.

The analyst identified a recurring pattern in bitcoin’s price movements before and after each halving cycle, highlighting the initial period a decline followed by an intense upward momentumCryptoCon revealed that the price of bitcoin took a significant dip in August 2012 before reaching fresh highs in 2013.

This trend was noticeable in the following halving cycleswith August 2016 and 2020 being characterized by long periods of “boring” price action before drastically rising to fresh highs in 2017 and 2021 respectively. CryptoCon described this distinctively bullish year as the “Red Year.”

The analyst describes 2024 as a “blue year” characterized by stable or unexciting price action. He indicated that the period is likely a build-up or preparation phase ahead of a “red year” in which Bitcoin price reaches a fresh all-time high.

Based on your analysis Historical Bitcoin Halving CyclesCryptoCon has clearly raised its cautious forecast for the top of the bitcoin cycle, adjusting the range from $90,000-$130,000 to $110,000-$160,000.

Other analysts share a similar sentiment.

Another crypto analyst identified as “Kyledoops” on X shares a similar bullish view on Bitcoin’s future price prospects. According to Kyledoops, Clean capital flow into Bitcoin is slowing down which indicates a fine situation in which investor gains and losses are almost balanced.

He revealed that historically, periods of reduced capital inflows, such as the one Bitcoin is currently experiencing, have often been preceded by significant price fluctuations and volatility spikes. However, this silence also suggests that massive Bitcoin price swings could be just around the corner.

At the time of writing, Bitcoin is trading at $58,051, reflecting a pointed 9.07% decline over the past seven days, according to CoinMarketCap. Despite the continued bearish trends, the pioneering cryptocurrency is still looking to reach and stabilize above the $60,000 level.

Featured image created with Dall.E, chart from Tradingview.com