The “supercycle” concept is a concept that’s been floating around for a while now that’s basically a four-year cycle where bitcoin tends to go up. I think this cycle is in the making, and the evidence is everywhere. Take a look at the chart below.
The bitcoin bulls have returned, and the cryptocurrency is rapidly rising to new highs. The bottom of the latest cycle is in sight, and the bulls have thrown in the towel. Despite a 22 percent plunge in bitcoin’s value this week, the cryptocurrency remains the world’s leading digital currency by market capitalization.
A bitcoin price top is due in the fourth quarter of 2018, according to new Marketscope survey data, a period during which a number of technical and fundamental factors are set to play out.. Read more about bitcoin price prediction and let us know what you think.
Bitcoin (BTC) is preparing for a return, according to experts, which may lead to a repetition of the classic bull run years of 2013 and 2017.
As local highs of $42,400 were reached on July 31, market narratives shifted back to a bullish Bitcoin “supercycle.”
The Bulls are ready for the end of the 2023 season.
Since mid-May, Bitcoin has been working to recover from the effects of the Chinese miner strike, but last week’s price gains were greater than most expected.
Bitcoin open interest resembles Q4 2023, according to a new study that is ‘cautiously bullish’ about the BTC rise.
Rather than taking a significant hit, BTC has maintained its gains, which had totaled 23 percent in a week at the time of writing.
What appeared near-impossible only seven days ago is now the flavor of the month among a growing number of analysts.
“History does not repeat itself, but it does rhyme frequently.” #bitcoin A repetition would be a blowout in the fourth quarter. New ATHs for 2023 seem to be more probable. IMO, what happens in 2023 will determine if the super cycle or the final cycle occurs. https://t.co/07Ryn3pcTf
July 31, 2023 — ChartsBTC (@ChartsBtc)
“Bitcoin went on to print five green monthly candles in a row and soared up tenfold in the second half of 2013,” said Jeff Ross, founder and CEO of Vailshire Capital, in Twitter remarks Saturday.
“I still contend that 2023 will behave in similar fashion.”
BTC/USD 1-month annotated candle chart. Source: Jeff Ross/ Twitter
BTC/USD, on the other hand, just broke above its 21-week exponential moving average, a “time-tested bull market signal,” according to analyst Rekt Capital.
The supply shock has returned.
While Ross cautioned that such a forecast was “simply a guess,” he does have a growing number of on-chain indications to back him up.
After bottoming out at 83 exahashes per second (EH/s), the hash rate has risen over 100 EH/s, while difficulty has seen its first positive readjustment since the May price collapse on Saturday.
The shift in mood is mirrored in investor behavior. Strong hodlers with little to no history of selling BTC are now in command at levels never seen before and absent since Bitcoin’s current all-time high of $64,500 in April.
With an accompanying graphic from Glassnode, Lex Moskovski, chief investment officer of Moskovski Capital, concluded, “This is extremely optimistic.” It demonstrated hodler confidence that a growing portion of the BTC supply will become illiquid — that is, removed from the market.
Annotated graphic of Bitcoin’s illiquid supply. Lex Moskovski/Twitter is the source of this information.
On the same data, another analyst William Clemente remarked, “Bitcoin’supply shock’ is currently reaching levels that previously valued Bitcoin at $53K.”
“Consolidation after ten consecutive green days is fair, but I’m still optimistic for the next several weeks.”
December has been a month of bitcoin price highs and lows, as the digital currency’s “supercycle” continues. As the hype around bitcoin continues to build, so does the number of people looking to invest in the asset. That looks set to continue in the coming months as the upcoming end of the year approaches. As the value of bitcoin approaches the $20,000 mark, this week’s report from BitMEX Research shows the price of bitcoin is now moving into the phase of its life where it is likely to remain illiquid. This is bad news for holders of bitcoin, as it means the price is likely to fall over the coming months.. Read more about cryptocurrency pull back and let us know what you think.
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