Investors are speculating about what the next bull market may hold as bitcoin’s current price behavior resembles the rise to its most recent high of $69,000.
Consumer price index (CPI) data released today gave the impression that the price of bitcoin was falling, although the price has stayed largely consistent since it reached its lowest last year following the historic bull run from 2020 to 2021.
TheStreetCrypto’s George Tung is reminding cryptocurrency investors of bitcoin’s cyclical history and what that could signal for its next price peak while keeping that longer term in mind.
Tung said in the video above that “right now, (the bitcoin market) is mimicking what happened from 2017 all the way down to 2020.” “What transpired when conditions seemed so hopeless and calls for the abolition of bitcoin were heard? What transpires? The price of one bitcoin ranges from $3,800 to $69,000. That is what took place.
Tung noted that FUD (fear, uncertainty, and doubt) were all-too-common prior to the previous bull run in bitcoin.
“Imagine if you were one of those people who got scared out, you couldn’t handle it, there was so much FUD, and you were listening to others who were telling you bitcoin was going to go to $1,000 or go to zero,” he said.
Imagine missing out on one of the greatest runs in bitcoin history if you were one of those individuals.
A milestone that has historically been reached before bull runs, according to Tung, suggests that BTC may soon be on its way to a new all-time high in both price and fear of missing out (FOMO) levels.
Four points should be considered for each cycle, according to Tung. “We’re moving on to what should be the third point,” a lot, perhaps $48,000… Following that, I don’t sure if it will be $150,000, $200,000, or $250,000. However, I am aware that FOMO this cycle will be unlike anything we have ever, ever seen from any past cycles.
In the end, it is difficult to forecast the price of bitcoin. However, the underlying principles of Bitcoin as a software project and a financial network — as a decentralized and immutable record free of any third-party influence — will continue to inspire investors’ confidence.
Bitcoin is the answer, according to Tung. “We are the only ones we can control. Our president, members of Congress, and Powell, the chair of the Federal Reserve, are all outside of our control. But we have control over our actions. And how can you avoid all the mischief and problems that we observe? You purchase bitcoin.
Despite a brief price decline that may have been brought on by the most recent CPI figures, a number of impending events, such as institutional interest in supplying bitcoin products and an upcoming U.S. presidential election, signal a bull run for the cryptocurrency is imminent.