year 2022, bitcoin It created many different obstacles, especially for the crypto money world, and caused a great loss of value there. According to recent data, BTC’s market dominance has fallen to its lowest level in the last four years, while the total value of the cryptocurrency market has frequently dropped below the $1 trillion mark. Although the situation may seem complicated and bad, there are signs of improvement on the horizon.
Bitcoin’s Historical Model Will Be The Main Role
mustache According to a tweet shared by the crypto strategist known by the alias on Oct. 6, the leading crypto Bitcoin may follow the historical trend of Bitcoin as it started its bull runs earlier after establishing a certain pattern in 2015 and 2019 respectively. Bitcoin is now developing the same pattern and showing a clear accumulation phase. It looks like BTC could repeat this historical pattern before establishing a bull run this year.
Koinfinans.com As we have reported, analyst T3-CCI confirmed this assumption and shared the interpretation that the red bars on the indicator are getting shorter. According to the analyst, this could mean that we are on the verge of a big move in the show. He also showed a comparison of the pattern formed in 2019 and 2022, suggesting that there could be an overwhelming bull run up to $60,000 this year.
PA looks insanely similar.
2019: When 🔴 crossed 🟢, it signaled the start of the bullmarket.
2022:🔴 is not far from crossing🟢+ it makes the same moves as in 2019 pic.twitter.com/VhQrVrTAZ5
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) October 6, 2022
A New Bull Run In BTC Price Is On The Way
bitcoin pricewas adversely affected by some macroeconomic factors, including published inflation reports and interest rate hikes. Despite the negative outlook, many analysts warned that bullish signs are appearing frequently.
crypto expert Michael van de PoppeHe underlined that the buying pressure is starting to increase, which can act as a catalyst in boosting the price of BTC.
— Michaël van de Poppe (@CryptoMichNL) October 7, 2022
Bitcoin’s whale movements and accumulation from crypto exchanges also approached a 3-month high, representing investor interest in the crypto market. There are several factors that helped BTC build positive momentum on its price chart.
These factors include the growing popularity of Bitcoin mining despite the ban in China, the whale accumulation of Bitcoin, and the Namibian government authorizing Bitcoin as a form of payment.
According to CoinMarketCap, Bitcoin recently broke the key price level in the $20,000 area, but it doesn’t seem to have managed to stay at that level as it is currently trading at $19,988 with a market cap of $383 billion. The 50-day SMA (simple moving average) is trading just below the 21-day SMA line, indicating bearish momentum for Bitcoin soon. If the key $20,200 resistance is broken, Bitcoin could start a bullish rally towards the next $24,500 resistance level.
On the other hand, Bitcoin’s current price action points to a downside correction that could push BTC towards the $18,600 support level. However, we recommend following the expert opinions closely before investing in the high volatility of the crypto market.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.