Cryptocurrency analyst CryptoCon recently warned investors not to be distracted by current market events, stating that Bitcoin’s current “boring” price action is typical of the end of a Blue Year, the preparatory phase before the Red Year, known for achieving all-time highs (ATHs).
CryptoCon draws parallels between the current market conditions and those observed in August 2012, 2016, and 2020. Based on this observation, the analyst has revised the conservative range for Bitcoin’s cycle top from $90k-$130k to $110k-$160k.
The analyst points out that the current BTC correction has reached the same Envelope Strength levels as the bottom from the September 2016 high, suggesting a strong correlation between alternate cycles. CryptoCon argues that while this cycle may seem different, it ultimately leaves behind the same “footprints.”
In conclusion, CryptoCon asserts that the current market sentiment mirrors that of September 2016, just before a significant upward price movement.
