It seems very clear that the bulls continue to show their effects while Bitcoin continues to rise in crypto currency exchanges.
New target for Bitcoin
This resistance level is formed by the intersection of the horizontal barrier at $23,384 and the 200-week Simple Moving Average (SMA) at $24.645. Bitcoin price has not fallen below this SMA since June 2022, except for a brief period in March 2020.
The bulls will likely break through this hurdle as their next target. If bitcoin price can overcome this side-to-side by turning $24,645 into a support base on a weekly timeline, then the path will be clear for it to attempt to break the $30,000 threshold.
The bulls seem unshakable right now. The signals are quite strong and all technical data points to Bitcoin breaking the bullish trend. This could be the end of the long-running bear market. It can tumble a bit as it tends to.
Famous analyst stated that Bitcoin is ready for 30 thousand dollars
Meanwhile, most industry experts are predicting further price increases ahead as the flagship currency breaks the critical resistance of $21,000. Among them is the famous crypto analyst Crypto Kaleo, who is aiming for BTC’s next bull run. The analyst informed his 550,000 followers on Twitter that Bitcoin is ready to hit the next big resistance, $30,000, which was last seen in June 2022.
However, before Bitcoin moves towards that target, King believes the currency will see some pullbacks. If that happens, Kaleo claims that Bitcoin will drop below $20,000 before reaching $30,000. The analyst treats this phenomenon as a short spin.
A short squeeze is when a trader buys an asset at a certain price and thus sells it at a lower price and keeps the difference. Here, extremely leveraged short positions are used in future markets. But when the market rises against forecasts, these traders will have to buy the borrowed assets.
Now, Kaleo believes a brief contraction is imminent as Bitcoin has surged more than 23% over the past week. On the other hand, according to the data, the Bitcoin Fear and Greed Index indicator has dropped to neutral, which indicates that the trading volume has increased. Bitcoin’s trading volume has reached $10.8 billion after an increase of 114% over the past seven days. Therefore, increased trading volume often leads to price volatility and thus traders should make their next move carefully.
First fall, then rise
cryptocoin.com As we mentioned, Bitcoin price, which has been fluctuating below $ 18,000 for several months, has jumped beyond the critical resistance of $ 22,500. Prices are inflating heavily and appear to be in the early stages of a bull run that could result in a new ATH forming in the near future. But before we get optimistic about the upcoming bull run, here are the possibilities that the rally will be scheduled and held soon.
A copy of the 2019-2020 rally is in progress, initially with the bouncer in the first stage of the 200-day WMA, and then a summary copy where the Q1 2024 crash could begin. A popular analyst predicts Bitcoin price for 2023 and says that the price could reach $25,000 in the next few weeks, followed by a major pullback in February.
Referring to the chart above, the analyst says it could continue to $23,100 and then pull back to $22,000. However, this drop is believed to trigger a big leg towards $25,000 to realize the ‘2023 bull run’ and by the end of the first week of February, the bears could start their action.
Bull run or bull trap?
If the Bitcoin volume does not look real, it may not be considered a normal price increase. Therefore, il Capo of Crypto, a well-known analyst, says that this could soon be the biggest bull trap ever, which could make a big impact.
Collectively, the Bitcoin bull run looks like a trap right now. While the conditions for an internal uptrend were not met, there was no significant confirmation of a bullish reversal. Therefore, it is necessary to follow BTC price movements closely as it can disappear in the blink of an eye.
Bitcoin fate depends on federal reserve’s next move
The market’s recent performance shows that respondents expect the Federal Reserve to change its stance on monetary policy. If the Federal Reserve follows a policy move, some analysts believe it could sustain current progress in Bitcoin and ignite a secular bull market.
Traders paved the way for new Bitcoin gains amid serious bearish concerns, and Bitcoin prices continued to soar to multi-month highs. The removal of ask liquidity on Binance was spotted by Material Indicators and paved the way for Bitcoin’s first rise to break the $22,000 barrier.
While some familiar voices like Toni Ghinea still warn traders to prepare for the worst, others say it’s just the start of a long bull run, proving that Bitcoin’s peaks are never beyond doubt.
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