The pseudonymous top analyst “Bitcoin Jack” explains in a new analysis how, in his opinion, Bitcoin will develop in the coming months and reach a new all-time high. He advises patience, says: the bull run is not over.

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September as a turning point

He has predicted Bitcoin’s V-shaped recovery after the brutal crash in March 2020, is considered one of the most prestigious analysts in the crypto industry. Now the pseudonymous analyst named “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, crypto markets are still in bull mode. And should we currently be in a “mini-bear cycle” in the midst of this ongoing bull run, the analyst assumes that Bitcoin will hit the bottom in July and then consolidate a month or two later. Then, according to Bitcoin Jack, there would be renewed buying opportunities.

He writes:

“If it’s a mini-bear cycle within the bull cycle (assuming the Schxxxx isn’t over yet), my best guess is that the mini-bear’s bottom will come in July, with a second buying opportunity in the August/September consolidation.“

Bitcoin caught in mini-range

The analyst explains: Bitcoin’s current mini-range is between $ 32,000 and $ 36,000. If Bitcoin conquers this range, it expects another range for the summer between 32 and 50K. If, on the other hand, there is a rejection, either a surrender in July or rounding bottom in August is likely.

Background Rounding-Bottom: The chart formation is also called plate formation in German. Here, prices form a convex curve after a downtrend. This gradual development of prices represents a bottoming out, which leads to a subsequent upward trend.

Bitcoin Cash emphasises therefore, that the bull run is not over. He mentions September as the month leading up to the new all-time high:

“Given the hypothesis, the time forecasts point to September as the fulcrum leading to new ATHs”

Stablecoin Supply Ratio Drops

CEO Ki Young Ju also expects a trend reversal to be imminent. The crypto entrepreneur cites the falling stablecoin supply ratio (SSR) as an indication – an indication of a drop in selling pressure. He writes:

“To be clear, I expect my bearish bias for BTC will not last long (maybe just a few weeks) because the market looks good in terms of supply/demand over the long term (e.g. stablecoin’s ratio (USD) and SSR). So don’t get me wrong, I’m not saying it’s over.“

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Last updated on June 26, 2021

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