"Bitcoin Likely to Surge Further... Shows Two Surge Patterns in Previous Bull Markets"

An analysis has emerged suggesting that Bitcoin (BTC) still has ample room for growth. It is explained that since there have been an average of two rallies in previous Bitcoin bull markets, the possibility of further surges remains.

On the 1st (local time), Fidelity analyst Jack Wainwright stated in a report, "Bitcoin is historically showing an upward pattern," adding, "It has shown a higher upward movement compared to the S&P 500 based on monthly returns." He continued, "Declines are also part of the upward cycle, and volatility is gradually decreasing," evaluating that "the possibility of further surges is high as two major surges have appeared in most upward cycles."

He noted that similar adjustments existed in past upward cycles. The analyst predicted, "After reaching all-time highs in 2013 and 2017, Bitcoin experienced declines and sideways phases, followed by a second upward breakout," adding, "This pattern is likely to manifest in this cycle as well." He further emphasized, "Compared to past bullish cycles, the recent decline in Bitcoin is relatively average," reiterating that "Bitcoin still has high potential for further growth."

Additionally, he reported that Bitcoin's upward cycle is lengthening over time. He explained that in the previous upward cycles of 2010, 2013, and 2017, it took 244 days, 261 days, and 280 days, respectively, for Bitcoin to rebound and reach the peak again.

He stated, "The current Bitcoin upward cycle is at day 232 (as of March 3). Since only the first rally has occurred after the election, further surges can be expected around $110,000." He added, "Bitcoin's 1-year realized volatility is rapidly increasing," explaining that "this is a signal that the recent sideways market is ending."

Meanwhile, according to the report, the only time a second rally did not occur was in the 2021 bull market.