Crypto Trader Forecasts End of Bitcoin Bull Cycle
Ben Armstrong, well-known cryptocurrency trader and analyst, has forecast the date on which the current Bitcoin bull cycle could end. Armstrong, referred in the industry as BitBoy Crypto, cautions his 635,000 followers that Bitcoin’s bull run is not yet over and Bitcoin holders should get ready for the final run as the numero uno crypto will decline sharp after hitting the peak this time.
“It has happened to countless people in 2018… I watched my portfolio grow only to be absolutely destroyed. Why? Because I didn’t understand the market psychology at that time. I didn’t understand that when you’re at your most excited point, that’s when it crashes. At that moment where you don’t want to sell the most, that’s when it’s the smart move to get out.”
The top rated analyst acknowledges that there is no precise way to clearly predict the date on which Bitcoin will hit its near-term peak, he is certainly confident that it will take place in the below mentioned two-week period.
“The most parabolic rally in the crypto cycle comes at the very end of the last month. But here’s the thing – I know when that is.
I know exactly when the Bitcoin bull run will end and while, yes, I couldn’t possibly nail it exactly on the day, we should know the date when it should end. It may end a week or two before or after, but a two-week period near the end of September is exactly when you should be looking to exit.”
Armstrong states that his forecast was based on the The Golden Bull Cycle Ratio, a price chart offered by TradingShot, an analyst team that offers data on webpage of TradingView. To create the chart, past bull cycles of Bitcoin is used to forecast the time length of any future bull cycles.
“As you can see, in the previous two cycles there was exactly a 51-49% ratio in the weekly candles between the two distinct parts of the bull run. 51% of the bull run lasts from the bottom of the market to the Bitcoin halving that occurs every 210,000 blocks produced. Then 49% of the bull run lasts from the halving date to the very top of the market. When you work those dates out, it is 504 days from May 11th, the day of the 2020 halving… That gives you the date of September 28th.”