According to on-chain analyst Checkmate, Bitcoin is poised for a significant upswing in the coming months.
Six Months of Consolidation
Checkmate predicts that Bitcoin will experience a period of consolidation for approximately six months. This period will be characterized by price fluctuations without a clear trend.
Parabolic Advance
Following the consolidation phase, Checkmate expects a parabolic advance lasting between six and twelve months. This surge will be similar to previous Bitcoin market cycles.
Bullish Outlook
Despite recent price declines, Checkmate remains bullish on Bitcoin. He believes that the current correction is typical for halving years and that the end of the year will be positive for the cryptocurrency.
Historical Precedence
Checkmate bases his predictions on historical data from previous Bitcoin halving years. He notes that corrections of this magnitude have occurred in the past and that the end of the year has typically been strong for Bitcoin.
Current Market Value
At the time of writing, Bitcoin is trading at $63,433.
