Contrary to the general perception that the Bitcoin bull market has commenced and may even be coming to a close, an analyst says it hasn’t started yet.
The analyst known as Bitcoin Munger stated this on 7 January, saying that Bitcoin is only considered to be in a bull market when the price clearly outperforms Nvidia, which isn’t the case right now.
According to Bitcoin Munger, this has been the pattern with all previous bull cycles in the history of the top crypto asset.
A bold statement
The statement is considered bold because Bitcoin started a clear upward movement in the fourth quarter of 2024 and has only pulled back once.
The asset hit a new all-time high of over $108,000 towards the end of the year, and has since hovered above $90,000, which many would consider a big enough bull cycle.
Some analysts had even predicted that the bull cycle was over in November last year, saying $100,000 was the top.
Although most analysts do believe that the Bitcoin bull market isn’t over yet, they do believe that the bull cycle has already begun and may end at some point.
Munger however argues that Bitcoin and Nvidia charts still look alike, which suggests the bull cycle hasn’t even started yet.
He did not however say anything about when this ‘vertical’ Bitcoin chart relative to Nvidia is likely to be realized.
Sentiment remains positive
Although most people would argue against this statement, indeed, many investors still hold positive sentiments towards Bitcoin.
This is evident from data which shows that more investors are withdrawing their Bitcoin from exchanges to their personal wallets, which is a sign that they are hoping for upward price movement from here.
What do you think?
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