Bitcoin Enters 600-Day Long-Term Bullish Cycle

A case study of past behavior suggests 2020 is the start of a new bull cycleBitcoin, which can last another 600 days.

A TradingView user examined Bitcoin's previous bullish and bearish cycles and noted the starting and ending points.

BTC is now at a bullish point with potentialthe transition to the active phase of another bullish cycle. This time, the assessment may take years and reach new highs. Looking back, the bottom of the current bullish cycle was found in early 2019, when Bitcoin rebounded from lows below $ 4000.

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Within the framework of this concept, a 51-49% model was introduced, inin which bullish cycles have a slower phase, occupying 51% of the period, and the remaining time is concentrated on the fastest and largest gains to new highs. Based on this model, the major cryptocurrency will reach its new peak around October 2021, enjoying both incremental and parabolic gains.

Now Bitcoin is at a stage whenthe next 600 days will be characterized by long-term growth. The BTC mining reward will drop in less than 80 days, already causing a significant rally with predicted annual highs of about $ 14,000. Bitcoin has consolidated above $ 9,800, although it still cannot make a break above $ 10,500. At the same time, the model does not exclude the possibility of a short-term parabolic growth similar to the 2019 summer rally. But even with short-term volatility, the model provides for a bullish period.

The last cycle for BTC occurs in conditionsgrowing adoption, with many factors to price disclosure. Now BTC is actively trading in the futures markets and is facing increased competition not so much from the side of altcoins as from state-supported digital coins.

The latest model based on halving,repeats other forecasts that suggest significant growth after 2021. It is believed that the likelihood that Bitcoin will reach a new record high is quite high.

Bitcoin is currently trading at $9747.43, and over the past 24 hours its volumes have declined to $40 billion. BTC bounced off the $9,500 support level and established a new trading range. Over the course of several days, price volatility has pushed the Bitcoin Fear and Greed Index into the “fear” zone by 46 points, compared with the recent 64 points signaling “greed.”

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