Analyst Points to Cycle Bottom: Bitcoin Prepares for Potential Rise to $30,000

In recent weeks, Bitcoin (BTC) has experienced a period of consolidation, but it is now showing signs of a bullish impulse, moving towards the $30,000 mark. Investors are actively analyzing the current price movement, aiming to determine if this could mark the beginning of a new rally.

Cryptocurrency analyst CryptoCon has put forward an intriguing hypothesis: the price of Bitcoin may be at the bottom of its cycle, which could be considered the last opportunity for investors to accumulate before a potential price increase. His analysis focuses on the technical indicator "Ultimate Oscillator," which has rarely signaled the bottom of the BTC cycle in the past. However, this time, the indicator has crossed the cycle's bottom zone, which is a significant event and may indicate a potential trend reversal.

CryptoCon emphasizes that despite clear signs of an accumulation opportunity for Bitcoin, many investors may miss this chance due to concerns about macroeconomic factors and recession prospects. Nevertheless, if his assumption that Bitcoin is at the cycle bottom and will rise beyond the typical range proves true, investors who strengthen their positions in cryptocurrency may later reap substantial profits.

In September, Bitcoin finally broke out of the consolidation period, surpassing the $27,000 level. The beginning of October brought a modest increase, reaching $27,203. It demonstrated a daily growth of nearly 1% and a weekly increase of approximately 3%.

From a technical analysis perspective, most one-day indicators on TradingView show a "buy" sentiment. Oscillator summaries provide ratings of 13 and 2, indicating a positive sentiment. Moving averages also support a "strong buy" signal with a rating of 11.