The Real #Bitcoin Bull Run Hasn\'t Even Started

When you look at the chart, you'll see that Bitcoin often moves sideways for a few months after the halving. This means the price doesn't go up or down

After a significant 14% rise on the weekly chart, Bitcoin is striving to maintain a strong position above $66,653.39. This price movement has attracted the attention of analysts, who are observing whether Bitcoin is set for a long-term upward trajectory or if bearish forces are beginning to take control.

Analyst Mags highlighted Bitcoin's resilience after a significant drop below the 200-day moving average (MA). In August 2023, BTC fell below the 200 MA for several weeks. However, upon rising above this crucial level, it went on to rise by an impressive 164%. If history repeats itself, we could see Bitcoin cross the $70,000 threshold soon.

Mags also pointed out that we might be in the early stages of the Bitcoin bull run. According to historical data, BTC tends to move sideways after a halving event, with stable prices. This period of sideways price movement provides an excellent opportunity to acquire BTC at a lower cost before seeing a sharp rise in value.

The current monthly Relative Strength Index (RSI) has not yet hit the extreme levels of 90+ from past cycles, suggesting there is still significant room for further price growth. Expectations are high for an exceptional phase in the upcoming bull cycle.

Another prominent analyst, Rekt Capital, tweeted about a critical technical level for Bitcoin. According to Rekt Capital, if BTC manages to reclaim the blue level as support, the price could revisit the $71,500 resistance. Historically, every time Bitcoin crossed the $65,000 threshold, it would subsequently revisit the low $70,000 range. Achieving a daily close above this blue level, followed by a successful retest, would confirm a significant breakout.

Analyst Michaël van de Poppe also shared his insights on BTC’s current market behaviour, pointing out that the cryptocurrency is repeating familiar patterns by consolidating for several months. Van de Poppe suggested that such prolonged consolidation phases often precede substantial price movements, which could unfold over the next 6-12 months. During these periods, market participants tend to underestimate the potential for significant upward price movements.

The above is the detailed content of The Real #Bitcoin Bull Run Hasn\'t Even Started. For more information, please follow other related articles on the PHP Chinese website!