The beginning of a bullish run or a bearish trap in the cryptocurrency market?
Hello dear readers, I would like to take this opportunity to try to analyze if the cryptocurrency market is indeed at the door of starting a new bullish run, or if on the contrary the recent price rebound is just a bearish trap, join me in analyzing some conjectures and assessments disclosed today in the main news portals.
As reported in the Cointelegraph portal the Bitcoin price action reached a six-month high at $24,800 in the last 24 hours by registering an estimated 15% rise, which has undoubtedly created positive emotions to the point that experts and bullish traders are calling it the start of a new bull market.
It can be read that Bitcoin's price rise in a single day caught many by surprise, given that February has been historically bearish for the cryptocurrency, in which the price of BTC rose $1,820 in a single day, making it the cryptocurrency's biggest rise in six months.
Another important socialized fact is that the Bitcoin price rise comes a few days after the cryptocurrency reached its first weekly death cross, an element that confirms what had already been analyzed in previous posts about this well-known technical analysis pattern.
However, beyond the pattern the death cross for bearish traders we are in a trap zone because the bearish channel has not yet ended, in this sense I would like to know your opinion about it.
SOURCES CONSULTED
Cointelegraph Bitcoin single-day price surge linked to billions in USDC inflows. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating the public domain image background: Bitcoinist
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Wonderful analysis, do you think bitcoin may estimate the $72k price in this year again?
Hello @iniobong3emm
As I have mentioned in other posts, I believe that at the current time we are in a sideways and accumulation zone that is likely to play out throughout the first half of 2023, now without fear of being wrong in the last quarter of this year we are likely to see new all time highs in the price action in BTC.
Best regards, be well.