"Historical data indicates a bull run for Bitcoin"

Cryptocurrency analyst Bittel Julien expects a rally for Bitcoin (BTC), which has recorded a 10.85% decline in the last month.

The leading cryptocurrency BTC challenged all market predictions last month. Despite the bullish expectations of crypto investors, BTC has been declining since August, dropping to $52,000.

Bullish expectations began to decline as the Fear and Greed Index showed the level of 'Fear'.

Crypto analyst Julien likened these declines to the 2019 cycle.

Bitcoin analysis: It happened in 2019, now it's time for 2024!

Bittel Julien, who analyzed the price movements of Bitcoin (BTC) in 2019, claimed that history would repeat itself.

Julien emphasized the current consolidation phase and mentioned that the volumeless period lasted for 175 days. "BTC is currently trapped in a similar consolidation phase as it was in the 2019 cycle," said the analyst, who argued that BTC would experience a significant rise if it continues the same scenario.

In the analysis, it was observed that BTC rose from the level of 7,200 dollars to 10,000 dollars in 2020 after a long consolidation.

AMBCrypto, supporting Julien's rise scenario constructed over the historical cycle, said the following:

Market behavior shows the accumulation indicating investors' confidence in potential price gains in the future. This is a bullish signal and increasing accumulation results in buying pressure pushing prices up.

It was stated that in the analysis, despite the price decreases, long-term investors still hold BTC, which is an important signal in terms of 'belief'.

According to CoinGecko data, BTC recorded a trading volume of $20.84 million in the last 24 hours.

This article does not contain investment advice or recommendation. Every investment and trading operation involves risk and readers should conduct their own research when making decisions.