Bitcoin

Bitcoin Shows Signs of Recovery, Analyst Predicts BTC Bull Run Soon

Author: Qadir AK

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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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The cryptocurrency market is flashing red as the majority of currencies are trading down. Bitcoin, the world’s first cryptocurrency, is slightly in the green, trading above $16,700. Ethereum, the second-largest cryptocurrency by market cap, is in the red. 

At the time of publication, Bitcoin is selling at $16,735, with a 0.03% gain in the last 24 hours. Ethereum has a 0.10% loss, with a trade of $1,1215.

A Bullish Ride For Bitcoin Soon

Caleb Franzen, a senior market analyst, and renowned crypto analyst have claimed on Twitter that Bitcoin is set to experience a bull run soon. In a chart shared by Franzen, the flagship currency has successfully moved past its support line of $16,686.

However, Franzen also mentioned in a Twitter thread that he had made a similar prediction for Ethereum in December 2022, but it faced rejection at the specified level and plummeted by nearly 13.5%.

Nevertheless, after the leading altcoin fell from $1,277 to hit $1,168 on December 17, 2022, it recovered to $1,219 three days later. On the bearish end, on December 23, 2022, Franzen claimed on Twitter that Bitcoin was likely to drop to $13,400 or even hit the $11,900 range, supported by a chart.

It’s important to note that after Bitcoin reached an all-time high of $18,000 in December 2017, it dropped to nearly $13,400. However, the analyst also notes that all of his targets are just predictions and there is no guarantee that they will be met.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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