Cryptocurrency analytics firm CryptoCon has confidently predicted an upcoming bull market for Bitcoin, dismissing concerns of a recession or prolonged bear market.

In a recent statement, the firm highlighted its Puell Multiple analysis, a key indicator that suggests Bitcoin is currently in a mid-cycle correction phase and is preparing for a significant price increase.

CryptoCon noted that this pattern has been observed in previous Bitcoin cycles, most notably in September 2012, 2016, and 2020, just before the start of major bull runs. The firm argued that despite the recent market volatility, Bitcoin is on track for another bullish period.

The analytics firm added:

“A bull market for Bitcoin is in order, plain and simple. Not a recession, not a bear market, not another doom and gloom price action. The phases in the Puell Multiple make it clear that we are in the middle of a mid-upper correction that comes just before the real bull run.”

CryptoCon also highlighted Bitcoin halving cycles as a crucial factor in bullish outlooks. According to the Halving Cycle Theory, the next “Red Year,” which typically signals the start of a bull market, will begin after November 28, 2024, and continue until November 28, 2025.

*This is not investment advice.