Accurate 2021 Bull Market Caller Anticipates 'Screaming' Bitcoin … – Crypto News Flash

• The Grenada-based crypto analyst expects Bitcoin price to rally hard during the first quarter of 2024.
• The analyst argues high institutional interest has helped Bitcoin remain above $20k YTD.

The macro Bitcoin price action has revealed that the top digital asset closely follows a four-year cycle that is triggered by the halving event. As a result, most experts believe that Bitcoin price is destined to rally upwards in the foreseeable future fueled by the increasing global inflation and possible recessions. Moreover, renowned economist Hyman Minsky hypothesized that financial crises often follow a similar cycle until a bubble bursts.

Additionally, the recent Bitcoin ETF frenzy has revealed an unquenchable thirst for digital assets by institutional investors seeking crypto exposure and fleeing the highly inflationary fiat markets. Mind you, Bitcoin has fulfilled Gresham’s law on money, as on-chain data shows that more than 11 million coins are held by long-term holders.

Closer Look At Bitcoin Market Outlook

The Bitcoin and altcoin markets largely complement each other during different cycles. Ideally, new money flows to Bitcoin, which leads to bullish sentiments. After crypto traders and investors take profits from the top coin, money flows to large-cap altcoins like Ethereum (ETH), Binance coin (BNB), and XRP. Later on, FOMO traders hit the medium and small-cap altcoins leading to higher percentage gains.

In between, the stablecoins market experiences heightened trading volume as investors take profits and refuge from high volatility. 

According to an on-chain analysis conducted by a respected crypto analyst and investor Pentoshi, alias @Pentosh1 on the X platform, the Bitcoin market will be ‘steaming up’ during the first quarter of 2024 fueled by new money inflows. In the meantime, the analyst argued that most altcoins will trend downwards in tandem with the Total Value Locked (TVL) on DeFi protocols.

Every day checking stable coin and TVL

Every day, stable coin go down, TVL go down, *MOST* alts TREND down

When new money? SOON! Think by or around Q1 2024 $BTC is screaming up tbh

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Hate to think where we’d be if it wasn’t for Saylor, Tether + ETF. Maybe sub 20k lol pic.twitter.com/6co6YCKZ5z

— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1) August 5, 2023

While replying to one of the users in the comment section, the analyst argued that the United States Bitcoin ETF ruling next week will not yield approval but a possible delay in anticipation of clear crypto regulations from Congress. Nonetheless, the analyst highlighted that Bitcoin price could still be hovering below $20k if it were not for the iron-fisted investors like Michael Saylor, Tether, BlackRock, and the ETF frenzy.

Meanwhile, the analyst highlighted that the Bitcoin market is in a stronger position compared to prior bear markets despite the prolonged winter period.

Price Action

Bitcoin price has continued in a bearish outlook during the past seven weeks after hitting this year’s high of about $31.8k. Nonetheless, Bitcoin price has respected a rising macro trend with higher highs and higher lows, thus giving hope of a possible $40k before the end of this year. The general sentiment is expected to be decided by the altcoins’ price action in the coming weeks, as more experts argue for an upcoming altseason. 

Ultimately, the Bitcoin macro bullish outlook will be confirmed after a weekly golden cross between the 50 and 200 Moving Averages takes place.

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