Well-known analyst Crypto Patel claims that the current downturn in the cryptocurrency market will lead to Bitcoin's price increasing tenfold.
In his social media post, the expert described what he calls the "Bitcoin cycle pattern." Crypto Patel analyzed the first major cycle of the coin, when it was worth $19,666, then fell by 84%, and subsequently rose to $69,000. The second cycle was similar to the first: BTC fell by 77% and then recovered to a record $126,000. The current cycle follows the same structure—after a peak of $126,000, the digital asset depreciated by 69%.
Each cycle—a smaller drawdown. A higher peak. The same pattern, — wrote the analyst.
He added that Bitcoin is currently near an area that, in his opinion, will become a bullish order block and lead to a 1000% rise. Crypto Patel stated that the principle of recurrence has "never failed." However, not everyone agrees with him. A number of experts, such as Scott Melker and Arthur Hayes, are confident that Bitcoin's four-year cycle is no longer relevant. At the time of writing, the leading cryptocurrency was trading near the $72,000 level, having risen by 11.4% over the last 24 hours and nearly 12.1% over the week, according to CoinGecko.
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