- Bitcoin price is again plunging down, displaying the possibility of a fakeout that may eventually attract the bulls to keep up the momentum towards the north
- The sluggish price movement is believed to inspire many to left off their holding that may further offer a good entry for the market participants
Bitcoin price again faced rejection in an attempt to rise beyond $24,000 for the second consecutive time in the past week, indicating the possibility of a bullish divergence soon. After starting the new year with a 40% upswing, the market participants were quite hopeful of the impending trend. However, after breaking the resistance at $23,300 that it held for nearly a week, the BTC price surged high to mark highs beyond $24,000.
But woefully, the levels quickly dropped, creating a sense of uncertainty among the market participants. However, the current trade setup displays larger possibilities of a bearish divergence but in the longer time frame, a breakout could be imminent.
The Bitcoin price is ranging within an expanding wedge that sets the upper target between $30,000 to $32,000. These resistance levels are extremely important as they carry a confluence of resistance points. Firstly, the crucial resistance zone between $31,100 and $31,800 collides with the upper trend line at $31,117. The formation of a bullish flag pattern may also uphold the possibility of a bullish breakout.
Moreover, the possibility of a continued upswing is believed to prevail for an extended period ahead. As the bull run which has been ignited just a moments ago is believed to mark their highs somewhere in September 2025 as predicted by a popular analyst TAnalyst
#BTC BULL RUN WILL LAST 2 AND A HALF YEARS.
Bull runs always last for 2 and a half years.
Bear markets only last one year. pic.twitter.com/Gg45pNR8Bj
— TAnalyst (@AurelienOhayon) February 2, 2023
The analyst here offers substantial grounds to support his claims to the upcoming bull run that could resin for 2.5 years ahead. However, as per the prediction, the bear market is believed to kick in soon after the rally marks new highs for 2023 at around $45,000.