Is This The End Of The Bitcoin Price Rally? Top analysts share their views
Is This The End Of Bitcoin Price Rally? Top analysts share their views
Bitcoin has hovered within the $23,000 – $25,000 price range without clearly indicating the next direction. This has caused a great debate in the crypto space as to whether the bullish season is over.
This is further reinforced by the consistent failure to break above the $25,000 resistance mark. Despite this, a few analysts are confident that the leading token is facing a temporary price correction.
Bitcoin price rally imminent
Michaël van de Poppe, the founder of the trading company Eight, believes that Bitcoin may be ready for an extended bull run. Explains his position in a post on Twittervan de Poppe noted that the Bitcoin market has been consistent with regular price corrections in this bullish season.
He added that as long as Bitcoin remains above $22,000, this will be enough to expect a continuation towards $25,000. This position is further supported by crypto trading analyst Rekt Capital, who believes that Bitcoin has yet to make a significant rally towards the $25,000 resistance mark.
Using one diagram to represent his analysis, Rekt Capital believes that BTC is holding above the lowest high resistance mark of $23,000. He noted that if the price stability remains constant, it can be argued that the price of BTC is declining.
Related reading: Decline for bitcoin ahead? Bearish crossover forms in this metric
For his part, CryptoTony stated that he is in a long bullish position as long as the price of BTC remains above $23,400. Thus, he intends to capitalize on the current bearish movement in the short term.
He further added that touching the top on the chart is a double top which is to be expected. This indicates that there will not be a permanent increase immediately, but another rejection when you try to surpass the $25k resistance level.
Major mining indicator also suggests BTC Bullish Trend
Meanwhile, mining data indicator Puell Multiple points to a strong increase in bitcoin price indeed coming. Puell Multiple’s indicator stands at 1041 for the first time since January last year, according to data from glass node.
Related reading: Why Blockchain and Crypto VC funding is down in Q4, according to this report
The Puell multiple is calculated by dividing the total value of BTC issued daily by the average value of BTC issued each day over the previous year. When it is well below 1, it usually points to lows in a market cycle, while very high indicator levels usually indicate a bullish cycle.
The fact that it has reached a yearly high could signal the beginning of a new bull run that could take BTC to new price levels.
Bitcoin has had a renaissance in 2023
So far this year, BTC is up more than 50% and has returned to prices not seen in at least six months. At the time of writing, Bitcoin is trading at $23,400 with a weekly decline of 6%.
Featured image from Unsplash.com, charts from Tradingview and Twitter
