- Prominent on-chain analyst Checkmate predicts a parabolic move for Bitcoin (BTC) in the coming months.
- Based on historical trends, Bitcoin is expected to undergo a six-month period of choppy consolidation, followed by a parabolic rise.
- Despite recent price drops, Checkmate argues that such corrections are normal in Bitcoin halving years and usually precede a bullish end of the year.
Renowned on-chain analyst Checkmate forecasts a parabolic rise for Bitcoin following a period of choppy consolidation, based on historical market cycles. Despite recent price drops, he maintains a bullish outlook, stating that such corrections are typical in Bitcoin halving years.
Bitcoin’s Upcoming Parabolic Move
Checkmate, a well-known on-chain analyst, recently updated his Bitcoin market cycle outlook. He predicts that Bitcoin is likely to experience about six months of “chopsolidation” – a choppy period of consolidation without any significant trend shift. This prediction is based on the patterns observed in previous Bitcoin market cycles.
Historical Precedence and Market Cycles
Checkmate notes that Bitcoin’s history tends to repeat itself, and this cycle is no different. He suggests that after the period of consolidation, Bitcoin could see a parabolic rise over the next six to twelve months. This prediction contradicts speculations that Bitcoin’s bull run may have already peaked. Checkmate argues that such a scenario would be a significant deviation from Bitcoin’s past market cycles.
Bitcoin Halving Years and Price Corrections
Checkmate also points out that Bitcoin halving years (2012, 2016, 2020, 2024) often see corrections of the magnitude Bitcoin has experienced since March. He notes that such corrections are the norm, not the exception, and that the end of halving years tend to be bullish for Bitcoin. At the time of writing, Bitcoin is valued at $63,433.
Conclusion
Despite recent price drops, Checkmate maintains a bullish outlook for Bitcoin. Based on historical market cycles, he predicts a period of choppy consolidation followed by a parabolic rise. As Bitcoin is currently in a halving year, he suggests that recent price corrections are normal and often precede a bullish end of the year.
