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Zooming Out the Illusion!! Know When is the Next Bitcoin(BTC) Price Bull Market!

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Highlights

    With encouraging “Uptober”, the Bitcoin price surpassed $50K and firmly sustains above the range aiming next resistance levels

    Bitcoin bull market is likely to take its 2nd leg up at the beginning of 2022, a series of events are scheduled in late 2021

The bull market is not likely to occur anytime soon, zooming out there’s strong a period of healthy consolidation in the space when it comes to BTC price momentum. After encouraging October, the flagship asset surpassed $50k on Tuesday. With bull momentum set for its first full week, we have brought some interesting insights which revealed that the Bitcoin bull market will take another half year for the second leg-up!

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Bitcoin Price Bull Market is a Halfway Through?

Bitcoin’s popular analysts and influencers are hoping for a tremendous quarter 4 performance from the assets price momentum. Interestingly, According to PlanB, who created the stock-to-flow model (S2FX)  recently shared on-chain metrics. He said the asset will take at least six months more for the 2nd leg up. 

If we clearly observe the chart deepened colour overlap occurred during 2013 surged the asset’s price nearly by 500%. In 2017 following the colour gradient, the BTC price skyrocketed by approximately 450% and continuing the same trend in 2020 the price spiked by 550%.

Hence, the analyst anticipates repeating the same pattern, he predicts the flagship asset could boom to $135k by the year’s end. And from there the asset could take another major leg up.

Therefore, if history repeats this bull run still has four months to go and the run might extend this time. In addition to on-chain analysis, upgrades and events related to Bitcoin are in November and December. Hence, this could impact the price momentum at the beginning of 2022.

Also Read: Is Bitcoin Price Decoupling From The S&P 500? Here’s A Great News For Crypto Space!

Bitcoin Events Underway!

Bitcoin Smart-contracts!! 

The Dfinity Foundation, owner of Internet Computer Protocol (ICP) made an announcement on 22nd September that the protocol is integrating with Bitcoin. Well, the network is bringing smart contracts capabilities to Bitcoin’s blockchain. 

Following the upgrade, ICP Smart Contracts will gain access to Bitcoin liquidity, and the coin will gain powerful new Smart Contract Functionality, without the need for insecure and cumbersome trusted bridging Services. This event is scheduled for late 2021, this could act as a major catalyst for the price action.  

Bitcoin Taproot Upgrade Scheduled to November!

Exactly two months from now, Bitcoin will undergo one of the crucial upgrades to its code since SegWit. The event will further improvise the network’s privacy, scalability and implement smart contract capabilities on Bitcoin.

The event is planned for November, hence it could be another booster for the asset’s price momentum. 

Bitcoin ETFs:

The Securities and exchange boards commission (SEC) extended deadlines on decisions on whether to regulate Bitcoin ETFs or not. Including the Global X Bitcoin Trust, the governmental entity put a hold on four applications. The decision is scheduled for November and December. There are 75% of chances that Bitcoin ETFs might get approved for the governmental entity. Hence, the most valued asset could form a new ATH with series of events scheduled for late 2021. 

Also Read: October Seems to be Uptober for BTC Price As Texas and Miami Embrace Bitcoin!

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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