Early this morning, Bitcoin was influenced by Powell's speech, dipping as low as $115,796, while Ethereum dipped to $3,677. However, it quickly reversed and surged again. Currently, Ethereum has rebounded to a high of $3,866, proving once again that the market really can't go down, and Bitcoin is expected to challenge new highs again, with Ethereum's breakthrough of $4,000 imminent! So when will this wave of the bull market last? Where is the endpoint?
On July 14, Bitcoin once again surged to a high of $120,000. After continuously breaking new highs, it has remained in a state of sideways fluctuations at a high level. When the price gets stuck at this stage, and weeks pass without a breakthrough, I believe some friends may start to panic. Is it at the top? Is the bear market just around the corner?
Assuming that the bear market is really lying in wait behind the $120,000 mark, what are you prepared to do?
Sell everything and lock in profits?
So if this is just another 'false top,' and the next stop rushes directly to $200,000, would you, like those who 'got off too early' in 2013, 2017, and 2021, only be able to chase the price at a higher level?
Throughout history, this has happened more than once:
In April 2013, Bitcoin fell from $260 to $70, and the media all shouted bear market. As a result, seven months later, it surged to $1,100;
In June 2019, Bitcoin pulled back from $14,000 to $7,000, often mistaken for 'the end of the bull market and the arrival of the bear market.' Who would have thought that it would soon reach $64,000 in 2021;
At the end of 2022, after the FTX collapse, Bitcoin dropped to $16,000, and many cleared their positions and left. Three months later, it surged to $25,000;
In the summer of 2023, some people finally exited at $31,000, only to watch it soar to $73,000 over nine months.
What often makes people regret is not 'missing the bear market' but mistaking the ongoing market as the endpoint and getting off the train early.
If you can’t predict the upcoming market, then in the crypto market, it’s like flipping a coin and relying on luck to choose a direction, which is too risky. Therefore, analyzing the current market trend and making preparations and predictions for the future is of utmost importance!
How long is this wave of the bull market expected to last?
Looking back at past bull and bear experiences, after a significant rise, the market often goes through a period of sideways fluctuations, followed by a substantial pullback, then consolidating at a low level before launching into a crazier surge! The last bull market began at the end of 2020, peaked in April 2021, and then underwent a six-month period of consolidation and fluctuations. In November 2021, it surged again, reaching a historical high of $61,000, shocking both internally and externally! At that time, Ethereum also reached a peak of $4,868 in November 2021! Therefore, I predict that the upcoming cryptocurrency market will gradually break upward, then experience high-level sideways movement, with a cautious significant pullback in between. The big bull market is expected to occur between September and November of this year!
What high will Bitcoin ultimately reach in a bull market!
From the current situation, the new high point of Bitcoin at $123,218 is certainly not the endpoint of this bull market. I predict that there is a high probability for Bitcoin to rise to $150,000, and Ethereum will also surely break the previous bull market high, reaching between $5,500 and $6,000. Of course, these are just predictions based on experience. For the upcoming trend, we still need to look for answers in the charts:
From the daily trend of Bitcoin, a 'bullish engulfing' pattern has appeared recently, indicating a possible short-term rebound, while key points are fluctuating between resistance at $123,218 and support at $117,007. The MA indicators show: Short, medium, and long-term moving averages are all in a bullish arrangement, indicating that the market is still in an upward trend, and there may be short-term fluctuations and adjustments.
In the short term, it signals sideways fluctuations, but in the medium to long term, there is a high probability that Bitcoin will break $130,000!
If you are also a friend who trades cryptocurrencies but often finds yourself trapped, cut losses, or even faced with liquidation pain, feel free to reach out to me for a discussion. I am Lantian, a blogger focused on crypto market analysis, mainly researching spot short-term trading, medium to long-term doubling layouts, precise entry and exit points for contracts, and helping to get out of positions! Committed to being a warm-hearted crypto blogger!
