Though there is a small spark of light showing a changing sentiment to a more positive one in the crypto market, I suspect that negativity still dominates the majority.
To the surprise of many crypto enthusiasts, Matrixport, a top crypto trading platform dares to claim that the Bitcoin (BTC) Bull Market has already started four months ago, on 22nd June 2023. Observing the current instability of the crypto market, not many would be willing to embrace such a positive remark.
Analysts of the above crypto trading platform describe their forecast as "The Fifth Bitcoin Bull Market." They even projected that Bitcoin (BTC) will reach $125,000.00 this time.
The above chart shows their analysis of Bitcoin's timeline and price action.
However, I disagree with the exact month of the start of the bull market. In my analysis based on Elliot Wave Theory (EWT), the bull market started during the crypto's darkest hour. And when was that? I think that was the time when crypto investors ran to the exit door due to the collapse of FTX. One crypto influencer at that time gave a piece of advice to all investors to immediately sell their crypto holdings. Extreme fear and anxiety reigned at that time thinking that other big names would soon collapse.
Let me quote here what I published seven months ago:
To answer our question, for me, the Bull Market has already started during the darkest day of crypto in November of last year. Source
And so I am basing my conclusion on a different chart.
Based on the above chart, Bitcoin found its floor price last November 2022 and that to me was the best time to buy. As for Matrixport's analysts, October last year was the best time to enter considering that Bitcoin's halving event would take place on April next year. To them, the best time to buy is between "14 to 16 months before the next halving event."
What I find interesting in the report is that the crypto experts from Matrixport identified the catalysts that triggered the first four bull cycles:
- The first rally in 2011 was fueled by Bitcoin becoming a reliable payment option.
- The second rally was influenced by China recognizing Bitcoin as a money analog.
- The third rally occurred due to the rise of initial coin offerings (ICOs) for funding companies.
- The fourth rally was driven by crypto trends like DeFi and Non-Fungible Tokens (NFTs).
Nevertheless, despite the crypto firm's positive forecast, what I observe as unusual is that they failed to mention what would be the driving force this time that would ignite The 5th Bitcoin Bull Market.