Cryptocurrencies showed impressive performance in the first three months of the year and are now in a consolidation phase. BTC has experienced rapid gains and losses, but now seems less eager to reach higher levels. Meanwhile, popular analysts have varying predictions for the coming period.
Will Cryptocurrencies Increase?
Popular cryptocurrency analyst Checkmate has reshared his predictions about Bitcoin‘s (BTC) current market cycle. Past cycles offer different assessments from analysts. These cycles were the most promising indicator for this year, and expectations for a new ATH have strengthened based on the past four-year performance periods.
The news flow also supports the optimistic scenario expected in 2024. Checkmate now says, based on previous cycles, that Bitcoin is likely in about a six-month period of “chopsolidation” – a wavy consolidation period without a real trend change.
So, in the short and medium term, we may not see an impressive rise in cryptocurrencies. Although there are some exceptional increases, we will continue to see prices trapped in a narrower range.
Expert Commentary on Cryptocurrencies
According to the analyst, after a dull six-month period, we should see parabolic rallies between 6-12 months. This indicates that investors could reach happy mornings between September and November 2024 and the first quarter of 2025.
“Bitcoin tends to rhyme with its history, and so far, this cycle is no different.
The song of the last two cycles depicts about six months of consolidation followed by 6-12 months of parabolic progress.”
While some experts think BTC’s price has already peaked, Checkmate says such a scenario would represent a significant departure from BTC’s past market cycles.
“Creating a bull market peak here would undoubtedly be a major departure from the Bitcoin norm. It could definitely happen, but we need to delve deeper…
In April, prices showed a monthly decline above $8,250.
I’m expecting messages from the edges like ‘Hey buddy, what’s up with Bitcoin, it’s dropped a lot, hope you’ve sold.’
If we isolate only the Bitcoin halving years (2012, 2016, 2020, 2024), we can see the monthly performance through charts and tables.
Such large monthly corrections are not the exception but the norm, and the end of the year is usually quite strong (according to the first charts).”
