ARE WE OFFICIALLY IN THE BULL RUN ?
Given the current market movements and sentiments surrounding Bitcoin, it's more likely that the market will experience a sharp correctional move before moving to the upsideWhile Bitcoin has surged over 143% this year, some analysts predict a bearish correction to 12k, which seems to be a dream that may never come to reality with the following reasons:
- Despite a sudden overnight crash to 24k, bears failed to gain control, highlighting the resilience of the bulls.
- Anticipation of multiple Bitcoin ETF approvals in January 2024.
- The impending halving event.
With the above analysis, the price of Bitcoin could reach 30 - 35K, forming a strong support at these levels, after which we will experience a sharp move upwards that will mark the beginning of the next bull run.
Chart Analysis (Bear version)
- The price of Bitcoin has reached a major support level and predicted to bounce back down but a breakthrough might sustain the bull market. Chart analysis by capo of crypto
- The second chart analysis shows a bearish Divergence which is spotted by a popular crypto trader and YouTuber Crypto Rover
- With the current market trend, the Bitcoin fear and greed index is reading at above 70% which indicates a sell off might be near.
Chart analysis (Bull version)
- On the bullish side, the close of the weekly candle hints at the beginning of the bull run, echoing patterns from the last bull run.
- Renowned crypto trader and YouTuber Grey Jabesi predicts that a break above 42k will kickstart the upcoming bull run. For further insights, check out his YouTube channel https://youtube.com/@CryptoHustleLive?si=R3aNrqkSek4nFxSL
- Bitcoin formed a parabolic pattern that could mark the beginning of the bull run.
Conclusion
With all the above analysis and predictions, I hope you will be able to make your decision on how to approach the market and don't forget to Do Your Own Research (DYOR) before venturing into the volatile cryptocurrency market
Share your thoughts on the potential bull run in the comment section below. 👇
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