The pseudonymous top analyst "Bitcoin Jack" explains in a new analysis how he expects Bitcoin to develop in the coming months and reach a new all-time high. He advises patience, saying: The bull run is not over.
September as a turning point
He predicted Bitcoin's V-shaped recovery after the brutal crash in March 2020, is considered one of the most renowned analysts in the crypto industry. Now, the pseudonymous analyst known as "Bitcoin Jack" (@BTC_JackSparrow on Twitter) has published a new analysis in which he predicts Bitcoin's further development.
According to Bitcoin Jack's assessment, the crypto markets are still in bull mode. And if we are currently in a "mini bear cycle" in the midst of this ongoing bull run, the analyst expects Bitcoin to bottom in July and then consolidate a month or two later. Then, according to Bitcoin Jack, there will be another buying opportunity.
If this is a mini bear cycle within the bull cycle (hypothesizing shit is not over), my best guess is that the low of the mini bear will happen in July with a second buy opportunity in the consolidation in August/September
https://twitter.com/BTC_JackSparrow/status/1407679014391713795
Bitcoin 𝕵ack
Bitcoin trapped in mini-range
The analyst explains: "Bitcoin's current mini-range is between $32,000 and $36,000. If Bitcoin conquers this range, he expects another range for the summer between 32 and 50K. If, on the other hand, it rejects it, either a capitulation in July or rounding bottom in August is likely.
Background rounding bottom: The chart formation is also called a plate formation. In this formation, prices form a convex curve after a downward trend. This gradual development of prices represents a bottom formation that leads to a subsequent upward trend.
Bitcoin Jack therefore emphasises that the bull run is not over. He mentions September as the month leading to the new all-time high:
2/ Current mini range is 32-36K If we claim that (exit fish pattern), I expect further ranging for summer, between 32 and 50K If we reject it, I expect either a capitulation in to July or a rounded bottom in to August (fish pattern), filling range 3 (partially)
Stablecoin supply ratio declines
CryptoQuant.com CEO Ki Young Ju also believes that a trend reversal could be imminent. The crypto entrepreneur cites the falling stablecoin supply ratio (SSR) as an indication - a sign of a decline in selling pressure. He writes:
"To be clear, I don't expect my bearish bias for BTC to last long (maybe just a few weeks) because the market looks good in terms of supply/demand over the long term (e.g. Stablecoins Ratio (USD) and SSR). So don't get me wrong, I'm not saying it's over."
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