Markus Thielen predicts several months of a bullish trend and the end of a bear market. According to him, the signal of a bull cycle was the rise in the price of bitcoin to $31,000, which is the highest since June 2022. There were similar signals in August 2012, December 2015, May 2019 and August 2020.
“On June 22, 2023, bitcoin hit a new yearly high, the first time in a year. This signal has historically indicated the end of bearish cycles and the beginning of new bullish trends,” Thielen said.
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He noted that based on history, the price of bitcoin could rise 123% in twelve months and 310% in eighteen months.
“This trend comes from the average return on signals triggered in 2015, 2019 and 2020,” Thielen said.
Recall that Matrixport’s head of research and strategy previously compared investing in memetic cryptocurrencies to a passion for lottery games.