Notable crypto analyst Mikybull Crypto recently outlined his short and long-term predictions for the bitcoin price based on key technical indicators. While the charts suggest some further downside is possible in the short run, Mikybull believes bitcoin is gearing up for a historic post-halving bull run.
Potential for 30%+ Price Decline
Mikybull points out some bearish divergences on Bitcoin’s RSI chart, which measures momentum. Given the current extreme RSI levels typically associated with price tops, he says “there is a possibility of seeing a $30k+ price level” representing over a 30% drop from current prices.
However, any dip would follow previous market cycles, where mid-cycle corrections have provided good buying opportunities for long-term focused investors. The current area also lines up with bitcoin’s Bull Market Support Band, which has reliably held as support in prior cycle downturns.
Historic Bull Run Coming
Yet despite short-term bearish signs, Mikybull maintains long-term optimism tied to the upcoming bitcoin halving, expected in April 2024.
“I always maintain that this ETF effect will be reflected in the price in the post-halving bull run,” Mikybull tweets, making a bold prediction. “The bull run will be the one never seen in the history of the BTC bull cycle,” he continues, emphatically declaring that bitcoin’s next cycle peak will be unprecedented.
Mikybull believes the advent of bitcoin ETFs and their impact on increased institutional investment will supercharge the crypto market’s supply-shock reaction to the upcoming 2024 halving. With major Wall Street players now participating via SEC-approved vehicles and rock-solid demand from retail evangelists, Mikybull thinks the stage is set for parabolic FOMO when bitcoin’s inflation rate gets sliced in half in April.
Mikybull notes historically, whenever bitcoin trades solidly above its 50-week moving average, the larger bull cycle kicks off in earnest. With the 50-week MA currently around $41,000 and moving upwards, he expects the precipice of the greatest bitcoin bull run ever witnessed following the programmed supply shock of the halving event.
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