Bitcoin

Crypto Space May Have to Wait for Two Years Now for a Bitcoin(BTC) Bull Run Towards New ATH: Analysts

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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May 19, 2022

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Highlights

    Bitcoin price in the recent times has shown significant weakness as the price is constantly failing to sustain above $30,000

    The price is swinging within a strong support zone in between $28,000 to $29,000, way below the crucial moving average levels

Bitcoin price is consolidating within very narrow regions for some days and seems to be waiting for a significant push that may drag the price beyond the consolidation. However, the constant rejections at $30,700 may have weakened the rally to a large extent and hence the bull run could have been deferred for more time now.  

Looking at the price history, the BTC price takes nearly 2 years to recover from the lows. Previously, while the price fell in 2015, the price consolidated slowly yet steadily in an ascending manner to reach a peak close to $20,000 in 2017. And later, the price consolidated for nearly 2 years until the end of 2020 and kick-started a bull run since the beginning of 2021. And hence the analysts speculated that the next BTC bull runs maybe after 2 years. 

However, in the short-term, Bitcoin is forming multiple higher highs and higher lows and hence the next target may be yet again above $30,000. The price which is currently swinging within an ascending triangle is expected to break out from this pattern and head towards the next resistance somewhere close to $32,000. 

On the other hand, the technicals point out a minor upswing as the RSI is slowly undergoing a bullish divergence. Yet the MACD is all set to flash a significant buy signal soon as the selling volume has apparently eased out. Moreover, the number of addresses holding 1 Bitcoin has also reached its peak, as traders accumulated at the discounted price. Therefore, BTC prices are expected to range below $45,000 for a prolonged time until the next upswing appears. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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