Will Bitcoin go back up? Let's find out!

bull fight

bull fight

Using various market indicators and techniques, this page will attempt to answer when Bitcoin will go back up, how far we are from a new Bitcoin all-time high and when the crypto bull market will return once again.

The crypto bear market has been long and painful. Cryptocurrency traders are wondering when it will all end and when green numbers will return.

Some market speculators anticipate a significant drop in Bitcoin's price after Bitcoin wraps up its latest bounce, while others believe Bitcoin will consolidate before continuing upwards, but no one knows for sure.

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Will Bitcoin go back up?

Bitcoin Halving

Since Bitcoin's inception, the reward for Bitcoin miners has been cut in half every four years. Bitcoin Halving events are built into the Bitcoin code to avoid inflation and to control the coin's supply and scarcity.

Following a halving event, the price of Bitcoin tends to rise, inducing market euphoria and ushering in a new bull market. The next Bitcoin Halving is due in April 2024 once 840,000 blocks have been confirmed on the blockchain. The Bitcoin Halving in 2024 will be Bitcoin’s 4th Halving.

After Bitcoin’s 3rd Halving on May 11, 2020, Bitcoin climbed from around $8,000 to $69,044 on November 10, 2021, where it made a new all-time high. Following Bitcoin's first halving in November 2012, the coin rose in value from $13.45 in December 2012 to $1,127 by November 2013.

With the 4th halving scheduled for April 2024, crypto traders may expect the current bear market to extend until March before major long-term price movements in Bitcoin begin. Some traders believe Bitcoin’s next bull run target will be $100,000 per Bitcoin.

Pi Cycle Top Indicator

Traders have utilised the Pi Cycle Top Indicator to predict when market euphoria has peaked and Bitcoin is about to plummet. The indicator has been used for multiple cycles to try and time market exits and entries days before price movements happen.

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To generate relevant data, the chart employs the 111-day moving average (111DMA) and the 350-day moving average (350DMA). When the 111DMA and 350DAM lines cross over, it's time for Bitcoin to fall.

bitcoin pi cycle top indicator
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Credit: lookintobitcoin

For 3 cycles in a row, the chart has accurately predicted when Bitcoin is due for a price cut. As of January 2023, the 111DMA is below the 350DMA, indicating that Bitcoin has some room to breathe and continue upwards.

Bitcoin Rainbow Chart

For years, crypto traders have used the Bitcoin Rainbow Chart to predict the best time to sell or buy Bitcoin. Although the chart's creator, Azop, and several CryptoTwitter users have cautioned serious traders not to take the chart literally, it has become a reliable tool for some traders hoping to predict when the best time to buy or sell will be.

The chart attempts to predict Bitcoin's future price using a logarithmic growth curve. For three cycles in a row, the chart predicted when Bitcoin’s bullish rally would end before tumbling down to the lower green and blue areas of the chart where traders are encouraged to buy.

bitcoin rainbow chart
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Credit: lookintobitcoin

Since 2021, the chart has become slightly less dependable. In late 2022 Bitcoin's price went lower than the "Fire sale!" blue colour on the Rainbow.

To conclude, virtually all market indicators suggest that Bitcoin is due for a substantial price gain in the future. It seems traders and market indicators both agree that the coin is sitting in a massive buy zone.

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