After accurately forecasting a record-breaking price surge for Bitcoin, a renowned Crypto Timing Model suggests another promising upswing for the cryptocurrency market is on the horizon.
In May, the Weiss Crypto Ratings’ Crypto Timing Model, a respected platform for cryptocurrency monitoring and analysis, delivered an optimistic prediction for Bitcoin. Within a week, the cryptocurrency reached a new all-time high (ATH) with a staggering price of $111,886.
This model is now indicating another positive turn for the cryptocurrency market. As revealed on its official Twitter page, Weiss announced that its model predicts a forthcoming trend expected to transpire in the final quarter of the year.
The Crypto Timing Model indicates that November is the month when the market is most likely to encounter a 4-year-cycle high. This follows the pattern of a 4-year market cycle, driven by the Bitcoin halving event, that has guided cryptocurrency trends for over a decade.
Proponents of the model argue that despite the disruptive presence of institutional investors, the 4-year market cycle remains valid. It starts with an accumulation phase, followed by a bear market, and then a bullish phase. The cycle first emerged between 2011 and 2013 and has been tracked ever since.
At the time of reporting, Bitcoin is trading at $103,091. The global crypto market correction has led to a significant price boost for several top cryptocurrencies, including Bitcoin. It seems Bitcoin bulls are making a recovery as daily gains briefly surged, pushing Bitcoin to an intraday high of $107,000 on June 9.
Market analytics firm Glassnode attributes the price spike to a wave of short liquidations. The firm noted that last week’s negative funding rates indicated an increased short appetite, resulting in the current short squeeze.
