Here’s When Actual Bitcoin Bull Run Might Start: Analyst Predicts Timeline
With the price of Bitcoin and other cryptocurrencies falling, the cryptocurrency market is being shaken up. At the time of writing, the price of bitcoin has slightly traded above the $23,000 mark and has lost close to 2% of its value over the past day. Also, the daily chart shows that the bearish action may extend below the $23,000 support level.
Recently released macroeconomic data that indicates a faltering economy may have been the root cause of this. Quarter-over-quarter GDP growth fell from 3.2% to 2.7%
A popular cryptocurrency analyst has predicted that Bitcoin (BTC) will likely experience a big midterm increase. According to Altcoin Sherpa, Bitcoin is expected to drop before experiencing an upside breakout.
He said that as for BTC, his area of interest is $21,500. The analyst said that BTC is getting closer to the HVN (high volume node) area and the 200-day EMA [exponential moving average]. In these circumstances, the price can still move higher overall even after a 15% retracement. However, he still thinks BTC will finally reach $30,000 in the midterm.
HVNs are price zones where there was a high volume of activity, indicating periods of
consolidation that serve as support or resistance. If Bitcoin follows Altcoin Sherpa’s forecast, the market leader might first fall to a price of $21,500 before rising to a price of $30,000, indicating an upside potential for BTC of around 40%.
Another analyst is concerned that many traders are currently losing money in the cryptocurrency markets. Altcoin Psycho claimed that January was a profitable month, but February came without warning.
“After almost a full month, BTC is still at the same level as February. Monthly Open. Late bears and bulls alike have been punished by a chop.”
