As bitcoin (BTC) struggles to clear the $30,000 barrier, many traders are anticipating an upcoming bull market. Although the consolidation phase continues, an uptrend is looming on the horizon, and its onset seems inevitable.
Bitcoin (BTC): The calm before the spectacular surge
After seeing an increase of over 27%, the price of BTC is struggling to break above $30,000. Indeed, the parent cryptocurrency has been in a consolidation phase for 4 weeks, while Bitcoin whales continue to accumulate funds. This apparent stability could well be only the calm before a spectacular flight.
Indeed, several traders believe that the bitcoin (BTC) bull market is imminent, and all that remains is to wait for its triggering. Titan of crypto, in its technical analysis posted on Twitter, claims that the “ sending of the bull market is about to take place.
According to him, the rupture of the market structure will officially mark the beginning of the next bullish phase. Analysis on its chart reveals that this pattern has already occurred three times in the past. Time will tell if this situation will repeat itself this time around. Either way, investors need to be prepared.
Other reputable traders share this assumption
Apart from Titan of Crypto, other traders are also predicting the impending bitcoin (BTC) bull run. Stockmoney Lizards, for example, relies on the OTT Bands indicator for its technical analysis.
According to him, BTC is currently “ in the first phase of its bullish cycle“. Once the bitcoin price breaks through the OTT Bands indicator, a significant upside can be expected, as has happened in the past. ” Things will speed up quickly once this first phase is over, he adds.
Mustache, followed by more than 66,700 subscribers, also remains bullish in its analysis. According to him, the breakout of the monthly moving average of 20 will be the signal for the start of the bull-run. In effect, ” once Bitcoin (BTC) closed above it never fell below, until the top of the cycle“.
Considering these bullish predictions for bitcoin (BTC), the support at $28,300 looks like an interesting buy zone.
Admission: $28,300;
Stop: $27,500;
Goal 1: $32,000;
Goal 2: $50,000.
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