Bitcoin price will hit $330K this bull cycle — Analyst
2024.07.11 13:53
Independent market analyst Arsen remains unfazed by the recent dip in Bitcoin’s (BTC) price, predicting a monumental rebound to $330,000 in the current bull cycle.
Smart money is accumulating Bitcoin
Arsen argues that smart money—institutional investors, market experts, and other financial professionals—has accumulated Bitcoin during its recent correction cycle, indicating its long-term bullish bias for the top cryptocurrency.
“That’s because this dip is nothing new,” the analyst noted while referring to Bitcoin’s previous bull cycles, occurring after every four years and witnessing explosive price growth.
For instance, Bitcoin’s first bull cycle in 2012 lasted 800 days and saw its price rise by a whopping 9,000%. The next cycles, in 2016 and 2020, lasted for around 800 days, and the BTC price surged by approximately 3,000% and 1,200%, respectively.
BTC/USD bull cycles illustrated. Source: Arsen
“Notice how, in every consecutive cycle, the Bitcoin returns get smaller by about ~60%,” Arsen wrote, adding:
“That would imply a 450% price increase this cycle, putting Bitcoin at ~$330,000 per coin.”
The Bitcoin price prediction, nonetheless, comes amidst a sharp correction, with BTC down around 23% from its all-time high of around $74,000, established just four months ago.
As of July 11, the flagship cryptocurrency traded at a subdued $57,000. Its recent losses were led by the ongoing Mt. Gox reimbursement to clients and the German government’s aggressive BTC sell-off. Nonetheless, data from CoinShares show that institutional investors were buying the dip.
Crypto funds net flows. Source: CoinShares
In addition, a weekly report by the on-chain analytics platform CryptoQuant noted that Bitcoin’s large investors, or “whales,” as a cohort, have continued to increase their holdings during the recent price decline.
Excerpts from the report:
“Whale holdings are growing at a 6.3% MoM, the fastest monthly pace since April 12. Increasing whale holdings is a sign of growing Bitcoin demand.”
Bitcoin total whale holdings and monthly percent change. Source: CryptoQuant
How low can Bitcoin go before resuming its bull run?
Bitcoin’s ongoing correction is far from bottoming out, according to some analysts, but most remain convinced about a long-term bull scenario, akin to Arsen’s $330,000 price target.
For instance, Markus Thielen, an analyst at 10x Research, suggests BTC price will likely drop toward $50,000 in the coming weeks due to a double top formation. Double tops are considered bearish reversal patterns, as illustrated in the chart below.
BTC/USD double top pattern illustration. Source: 10xResearch.io
Michael Van de Poppe, founder of MN Capital, also holds a short-term bearish outlook for Bitcoin price.
BTC/USD six-month price performance chart. Source: Michael Van De Poppe
The market analyst anticipates that Bitcoin will break below the May 1 low of $56,000 to tap into the demand-side liquidity beneath it, ultimately falling further to around $52,800.
Another market analyst, Apsk32, sees a correction until October, followed by a 300% rally into 2026.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
