Let&#39;s try to understand the dynamics of Bitcoin price. Long-Term Outlook: I am nearly 100% confident in the bullish scenario described below. However, the <a href="https://tradersunion.com/currencies/forecast/btc-usd/signals/" rel="noopener noreferrer nofollow">short-term analysis</a> presents more complexities.Short-Term Analysis: Recently, Bitcoin broke through an ascending wedge downwards, which is a common occurrence in such formations. Now, an &#34;inverted head and shoulders&#34; pattern seems to be forming, suggesting a potential bullish trend reversal. If this pattern holds, Bitcoin could test the $60,500 level in the coming days.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/b728cee28c884b5983db9320ee0618c1.jpg" />P.S. Bitcoin quickly reached the target area we discussed, indicating that we correctly identified the key patterns.Long-Term Comparison:I see many similarities to 2020. The recent market collapse feels akin to the COVID panic of March 2020. Let&#39;s analyze the charts in more detail:<ul><li>A diverging corrective triangle</li><li>A moderate bearish trend lasting several months</li><li>A &#34;black swan&#34; event with a long red candle, but closing within the established channel</li></ul><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/34574a7c0e9d4d78a1333a42e4dd889c.jpg" />How did events unfold in 2020? After a rapid decline, a strong upward movement began, leading to an all-time high (ATH) within a year, with Bitcoin&#39;s price increasing over fivefold. I anticipate a similar scenario this year, even if we only see a threefold increase.4-Year Cycle Analysis:Comparing Bitcoin&#39;s exchange rate dynamics within the 4-year halving cycle, we observe a predictable pattern.Current Situation: We are at the last pit stop before the rally. I expect significant acceleration in September-October, with a potential surge by the end of the year. The peak of the cycle should occur in 2025, with minimal interest rates and a substantial influx of capital into crypto.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/7834e5c6932e418c8def4528ef3f36d6.jpg" />Disclaimer: This is just my opinion, not financial advice. What are your thoughts?Anton Kharitonov, Traders Union expert

Current Patterns in the BTC Market

Anton Kharitonov

Other articles published on Aug 9, 2024

Bitcoin Miners Face Revenue Decline and Increased Operational Challenges

Must Buy Ethereum-based Altcoins For 3X – 5X Surge In Q3!

Bitcoin Valuation Scenarios – BTC Price at $2.9M by 2050

Dogecoin Surpasses Key Resistance Level

SEC Investigates Crypto Venture Firms

Crypto Executives Meeting with White House Takes Place to Promote New Law

Join our free newsletter for daily crypto updates!