Bitcoin Enters Phase 2 of Bull Run Says Top Crypto Analyst – Here’s What To Expect Now?

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After weeks of correction, the price of Bitcoin has surged back above $64,000 today, marking a significant rebound for the leading cryptocurrency. This resurgence has come at a cost for short sellers, who saw over $150 million worth of their positions liquidated in just 24 hours.

However, crypto analyst Titan of Crypto has declared that Bitcoin is now entering the 2nd phase of its bull run, signaling a potentially lucrative period for investors

2nd Phase of Bitcoin’s Bull Run Began 

As Bitcoin’s price surges back to last week’s levels, crypto analyst Titan of Crypto sees this as the beginning of a bull run. They suggest that the necessary price dip before a Bitcoin rally has occurred, marking the start of the second phase of Bitcoin’s bull run.

Meanwhile, the monthly Bitcoin chart shown in a tweet reveals interesting historical patterns observed during the previous cycles. Specifically, Bitcoin’s behavior in the current cycle resembles trends seen in the last 3 cycles.

#Bitcoin is in phase 2 of the Bull Run.

In bull markets, corrections are inevitable and should be seen as opportunities to reload your bags.

Are you not entertained?
Enjoy every part of the ride. pic.twitter.com/LatOWiG8U4

— Titan of Crypto (@Washigorira) May 4, 2024

Analysts believe that if Bitcoin breaks away from this repeating pattern, its price could surge significantly. According to the chart’s projections, if Bitcoin breaks out from this established pattern, its price could reach approximately $120,000 by the beginning of 2025.

Further into analysis, analysts say that “In bull markets, corrections are inevitable and should be seen as opportunities to reload your bags.”

Market Behavior Before FOMC

Meanwhile, another prominent crypto analyst Michaël is being bullish on Bitcoin’s future. In a recent tweet, he highlighted Bitcoin’s rebound amid economic data and the FOMC’s decision to maintain interest rates until November 2024.  

According to van de Poppe, the pre-FOMC sell-off is typical market behavior, often resulting in crypto price dips before such events. He also notes that poor economic data has made it a challenging week for the Dollar Index (DXY), potentially driving investors towards alternative assets like Bitcoin.

#Bitcoin bounces back upwards.

– The bottom hit around FOMC as pre-FOMC crypto almost always sells off.
– Bad economic data creating a lousy week for the $DXY.

Expecting a correction to $60-61K to hold and then a steady continuation within this range. pic.twitter.com/lOTbYwaz19

— Michaël van de Poppe (@CryptoMichNL) May 4, 2024

Bitcoin Price Correction

Despite recent fluctuations, van de Poppe maintains optimism about Bitcoin’s short-term outlook. He expects a correction to hold within the $60,000 – $61,000 range and foresees continued stability within this price band.

As of now, Bitcoin is trading at $64,295, showing an impressive 8.6% increase over the last 24 hours. The cryptocurrency’s market capitalization stands at $1.26 trillion.  Additionally, trading volume has surged by 16% to reach $33.4 billion, reflecting heightened activity and investor interest in Bitcoin.