Bitcoin

when

April

Independent market analyst Arsen remains unfazed by the recent dip in Bitcoin’s&nbsp;price, predicting a monumental rebound to $330,000 in the current bull cycle. 
<h2 id="smart-money-is-accumulating-bitcoin">Smart money is accumulating Bitcoin</h2>
Arsen <a href="https://x.com/satoshibaggins/status/1810986413435097412" target="_blank" rel="noopener nofollow">argues</a> that smart money — institutional investors, market experts and other financial professionals — has accumulated Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;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, which occurred every four years and witnessed 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 BTC’s price surged by approximately 3,000% and 1,200%, respectively.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/514d242f-448e-4bd1-80a7-9066c1f90d9f.jpeg" alt="Bitcoin price will hit $330K this bull cycle — Analyst" title="">
 <figcaption style="text-align: center;">
 BTC/USD bull cycles illustrated. Source: Arsen
 </figcaption>
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“Notice how, in every consecutive cycle, the Bitcoin returns get smaller by about ~60%,” Arsen wrote, adding: 
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 “That would imply a 450% price increase this cycle, putting Bitcoin at ~$330,000 per coin.”
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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 <a href="https://cointelegraph.com/news/bitcoin-price-cpi-gains-last-1-hour-mt-gox-sell-off-fears">Mt. Gox reimbursement</a> to clients and the German government’s aggressive BTC sell-off. Nonetheless, data from CoinShares show that institutional investors <a href="https://cointelegraph.com/news/digital-asset-investments-441-million-inflows">were buying the dip</a>.
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 <img src="https://s3.cointelegraph.com/uploads/2024-07/934035a6-242e-43cf-9ecc-7139bf7bb35c.png" alt="Bitcoin price will hit $330K this bull cycle — Analyst" title="">
 <figcaption style="text-align: center;">
 Crypto funds net flows. Source: CoinShares
 </figcaption>
</figure>
In addition, a <a href="https://cryptoquant.com/insights/research/668ea1901fe1d9469fe2119b-10-July-2024-Pivotal-Point-Positive-and-Negative-Conditions-For-Bitcoin-to-Botto" target="_blank" rel="noopener nofollow">weekly report</a> by the onchain analytics platform CryptoQuant noted that Bitcoin’s large investors, or “whales,” have continued to increase their holdings during the recent price decline. 
Excerpts from the report:
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 “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.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/c209709e-c11f-4346-b99a-a66d0266dc38.png" alt="Bitcoin price will hit $330K this bull cycle — Analyst" title="">
 <figcaption style="text-align: center;">
 Bitcoin total whale holdings and monthly percent change. Source: CryptoQuant
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</figure>
<h2 data-ct-non-breakable="true" id="how-low-can-bitcoin-go-before-resuming-its-bull-run">How low can Bitcoin go before resuming its bull run?</h2>
Bitcoin’s ongoing correction is <a href="https://cointelegraph.com/news/how-low-can-the-bitcoin-price-go">far from bottoming out</a>, according to some analysts, but most remain convinced about a long-term bull scenario akin to Arsen’s $330,000 price target.
For instance,&nbsp;Markus Thielen, an analyst at 10x Research, <a href="https://cointelegraph.com/news/bitcoin-crash-50k-10x-research-warning">suggests</a> BTC’s 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.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/031e33fd-2c0a-408b-a249-9b7eca5378ae.png" alt="Bitcoin price will hit $330K this bull cycle — Analyst" title="">
 <figcaption style="text-align: center;">
 BTC/USD double top pattern illustration. Source: 10x Research
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</figure>
Michaël van de Poppe, founder of MN Capital, also&nbsp;<a href="https://x.com/CryptoMichNL/status/1808857859548922207" target="_blank" rel="noopener nofollow">holds</a>&nbsp;a short-term bearish outlook for Bitcoin’s price. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/ad084194-a935-4ae6-b4fd-b58d19434135.png" alt="Bitcoin price will hit $330K this bull cycle — Analyst" title="">
 <figcaption style="text-align: center;">
 BTC/USD six-month price performance chart. Source: Michaël van de Poppe
 </figcaption>
</figure>
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&nbsp;<a href="https://x.com/apsk32/status/1810496725851017336" target="_blank" rel="noopener nofollow">sees</a> 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.

Bitcoin price will hit $330K this bull cycle — Analyst

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