Although Bitcoin (BTC) has had lackluster performance in the past weeks and months, this situation might change for the better in the near future, and the maiden cryptocurrency could explode upwards if it finds the necessary catalyst that would provide this push.
Specifically, Bitcoin seems to be in the early phases of a bull market, but its price performance is still largely moving in a sideways trend, which would change with a strong enough “trigger to explode upwards,” according to the observations shared by renowned crypto market expert PlanB in an X post on September 16.
Bitcoin market cycles. Source: PlanB
Indeed, PlanB’s chart shows Bitcoin’s exponential growth from under $1 in 2010 to the projected price of $100,000 in 2025 on a logarithmic scale, with data points categorized into four different market phases – bull market, distribution, bear market, and accumulation – that BTC follows cyclically.
Trump’s victory as the trigger
Furthermore, replying to a comment suggesting that developments surrounding the former United States president and current presidential hopeful Donald Trump, such as his victory, could be among these triggers, the crypto expert said that this might well be true:
“Trump could indeed well be that trigger because when elected, he will get rid of Gensler, Warren, and current anti-bitcoin democrat Biden/Harris government.”
Elsewhere, in an earlier X post, PlanB stressed that Bitcoin miners were “still struggling with the aftermath of the halving” that has cut in half the previous block reward, and that the price of Bitcoin would need to double in order to “kick-start the bull pump” – and a trigger event might, indeed, suffice.
Bitcoin miner revenue. Source: PlanB
Bitcoin price analysis
For the time being, Bitcoin is changing hands at the price of $58,550, recording a decline of 2.87% in the last 24 hours, advancing 5.76% across the previous seven days, while also losing 1.18% in the past month, according to the most recent chart data on September 16.
Bitcoin price 7-day chart. Source: Finbold
Meanwhile, PlanB is not the only prominent analyst confident in Bitcoin’s future performance. Notably, Robert Kiyosaki, the author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ recently predicted that BTC would explode due to the eventual interest rate cuts by the U.S. Federal Reserve.
All things considered, Bitcoin’s trigger event might arrive in the form of Donald Trump’s victory in the November presidential election or another equally bullish development – like the Fed cutting interest rates. However, doing one’s own research is critical when investing, as trends in this sector can easily shift.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
The post Bitcoin awaits ‘trigger to explode upwards,’ according to analyst appeared first on Finbold.