- The Bitcoin network completes its 1 billionth transaction.
- This marks a bullish milestone for the crypto community.
- Analysts scramble to make bullish price predictions given Bitcoin’s current trajectory.
The bull market continues to flourish at the start of its leg. Following a successful Bitcoin Halving completion, and a brutal dip caused by market corrections, it now prints its latest bullish move. Specifically, Bitcoin (BTC) has officially processed over 1 billion transactions.
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In detail, the Bitcoin network has surpassed 1 billion on-chain transactions making a historic milestone for the blockchain. Responses to this news are filled with bullish sentiment where all Bitcoin’s happy users come to chime in their satisfaction with this revolutionary ideology that changed the world.
As users cheer for the next billion transactions, Bitcoin analysts around the world are studying the chart to see where the BTC price will go next. In particular, traders are eager to follow up on the pioneer asset’s price following the latest brutal dip caused by market corrections.
In fact, one analyst already explained that the ongoing bull cycle has entered an accelerated phase meaning the next ATH might arrive earlier than the previous ATH in the past Bitcoin cycles. Other traders examine the charts keeping this in mind.
To highlight, technical analyst CryptoCon notices how Bitcoin is rejecting from Layer 5 of the Log Regression Cycle top bands in his post where he shares a big chart. Here, he says that this rejection is a good thing for the asset and the market.
The analyst says that the longer the price takes to reach the cycle top band, the higher it can climb. Presently, Layer 6 stands at $95,236 while Layer 7 is at $132,526. The analyst notices that after Bitcoin entered the red bands in previous cycles, it was only a matter of weeks before the top took place. So far, this has been as low as 2 weeks and up to 15 weeks.
The analyst is eager to see a healthier gradual climb and perhaps we will soon see a massive price spike for Bitcoin (BTC). Perhaps even higher ATHs than most analysts expect. Traders and investors are advised to keep a close eye on the charts.
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