After a big rise of 35% from August 5 to August 16, Bitcoin (BTC) has recently pulled back. Despite this drop, the overall trend for crypto prices is still positive, sparking hope among traders and investors. Bitcoin has just climbed back above $61,000, hinting at a possible recovery and exciting times ahead for the market.
Historical Patterns Hints Upcoming Bull Run
Prominent Bitcoin analyst Kyle Chasse pointed out that it has been 162 days since Bitcoin’s last all-time high, suggesting a potential upward movement based on past trends. In previous market cycles, Bitcoin took 209 days and 188 days to recover after reaching a peak.
With the current cycle now at 162 days since the last high, Chasse’s observation hints that Bitcoin might be nearing another significant price increase. Meanwhile, Chasse’s comments have sparked interest and speculation among the crypto community about the potential for a new bull run.
His tweet indicates that Bitcoin could soon see a “PUMP,” echoing the cyclical nature of the cryptocurrency market where rapid price gains often follow periods of accumulation and consolidation.
Bullish Megaphone Pattern
Echoing similar bullish sentiment, popular crypto analyst Crypto Jelle noted that Bitcoin has been in a consolidation phase for the past six months. He highlighted a bullish megaphone pattern on Bitcoin’s price chart—an indicator that usually points to upcoming price movements with an upward trend.
This pattern, which features increasing price swings and a rising direction, suggests that Bitcoin could be nearing a strong breakout, potentially aiming for a $180,000 target.
Crypto Jelle believes that the last quarter of this year, Q4, could bring Bitcoin much closer to the $180,000 mark. He encouraged investors to “hold on tight and enjoy the ride,” indicating that significant gains could be possible as Bitcoin moves toward his predicted target.
Bitcoin Price Movement
As of now, Bitcoin’s price is trading at $60,759, reflecting a 0.7% drop after a highly turbulent trading session over the past 24 hours, with a market cap of $1.2 trillion.
Meanwhile, Bitcoin’s market dominance stands at 55.65%, a slight decrease of 0.33% from the previous day. In addition, Bitcoin ETFs recorded inflows of $64.91 million as of August 22.
