When Will the Painful Period in the General Cryptocurrency Market End? Analyst Shares His Prediction

Bitcoinsistemi2024/08/18 00:24

By:Mete Demiralp

The cryptocurrency market is down nearly twenty percent after hitting a new record. So when will it rise again?

Cryptocurrency analyst Matthew Hyland suggests that the cryptocurrency market, especially Bitcoin, could experience a significant breakout after October, mirroring trends observed in previous US election years.

Hyland cites the 2012 stock market crash as a precedent, which was followed by a slow recovery leading up to the election and a sharp post-election market rally. He expects Bitcoin to follow a similar trajectory with some volatility, but ultimately remain within its current range until October or November, when a breakout could occur.

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Adding to this perspective, Markus Thielen, research director at 10x Research, told Bitcoin holders to be patient and wait for the optimal entry price before the next bull run.

At the time of writing, the world’s largest cryptocurrency, Bitcoin (BTC), is trading at $59,391, approximately 19% lower than its all-time high of $73,750.

*This is not investment advice.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.