Having doubts about Bitcoin’s [BTC] short-term gains? Consider this
It has been over two months since Bitcoin’s [BTC] last YTD peak. It has lost its bullish momentum, causing investors to grow weary of its short-term prospects. BTC now runs the risk of investors losing confidence, which could result in increasing sell pressure.
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Sometimes, a perspective shift is all it takes to have a better view of the market. This is not the first time that Bitcoin experienced indecisiveness at its press time price level.
Zooming out to a three-day chart revealed that the recent resistance level near $28,000 acted as support in May 2022. The price was previously in a descending trajectory before the sideways activity, which was then followed by a continued descent.
Source: TradingView
Will the opposite happen this time? The price has been on a bullish trajectory since the start of 2023, and an extended upside may be expected if it continues rallying. So far, it has maintained healthy relative strength, and its MFI indicates that liquidity is still flowing into Bitcoin.
On top of that, a popular crypto analyst recently highlighted observations that suggest that the bulls might continue to dominate.
How many are 1,10,100 Bitcoins worth today?
Crypto analyst @CredibleCrypto believes that Bitcoin’s bullish expansion phase has already started. He also noted that its latest consolidation phase was 30% longer than the previous phase between 2019 and 2020. The analyst expects the next bull run to be particularly strong, based on the above observations.
<p lang=«en» dir=«ltr» xml:lang=«en»>Expansion has begun. This time following a consolidation period that was ~30% longer than our last major rallies in 2019 and 2020. If you thought those rallies were Read more on ambcrypto.com
