'It Is September 2016 All Over Again For Bitcoin”

Crypto analyst CryptoCon stated in his recent market analysis that the Bitcoin current price action is reminiscent of December 2016.

Crypto analyst CryptoCon has likened the recent price action of Bitcoin to that of December 2016, offering his perspective on what to expect from the flagship cryptocurrency in the coming months.

In an X (formerly Twitter) post, CryptoCon highlighted the striking similarity between the current Bitcoin price action and that of September 2016. He noted that the "Bitcoin trend strength prophecy" appears to be unfolding as predicted.

According to the crypto analyst, Bitcoin's price dip into the support zone following the mid-top aligns with the pattern observed in September 2016. Furthermore, he pointed out that the support zone entries for alternating cycles have remained consistent throughout the months.

In his analysis, CryptoCon also emphasized the significance of the "pattern of 3's," which has yet to fail in either the mid-cycle or bear market. The accompanying chart demonstrates Bitcoin's presence in the final stage of its reaccumulation zone, like in the 2016 market cycle, before reaching a cycle top.

Based on his observations, CryptoCon expressed his conviction that the cycle is far from over, bolstering the belief that Bitcoin will still reach new highs, surpassing its current all-time high (ATH) of $73,000 attained in March. Previously, the crypto analyst maintained his optimism that Bitcoin's price dips are merely minor setbacks and that the cryptocurrency will still reach as high as $160,000 at the peak of this bull run.

CryptoCon also highlighted how Bitcoin has experienced choppy and "boring" periods in previous halving cycles before reaching new ATHs the following year after the halving event. The crypto analyst had earlier predicted that the cycle top would come around November 2025, a projection also influenced by Bitcoin's price action in previous halving cycles.

Offering further optimism to crypto investors, crypto analyst Mikybull Crypto took to X to express his view that a Bitcoin parabolic rally is on the horizon as DXY is set to break down from the macro bear flag. The crypto analyst highlighted that the same scenario played out in 2017 and 2020.

In a separate X post, Mikybull Crypto stated that Bitcoin's next expansion will propel its price to $95,000. He added that Bitcoin is forming a bull flag on a macro chart while the DXY forms a bear flag. According to the crypto analyst, macro disbelief and fear are ending, and when that happens, Bitcoin will begin its parabolic run.

At the time of writing, according to data from CoinMarketCap, Bitcoin is trading at around $56,300, down in the last 24 hours.

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