Bitcoin Bull Run is Back! Analyst Predicts $37k Price Target

In a recent in-depth analysis by crypto analyst George Tung, from CryptosRUs, the cryptocurrency community received uplifting news. Tung confidently asserts that Bitcoin has now entered a bullish phase, coinciding with the market’s robust upward movements and growing regulatory scrutiny.

This is a significant development for Bitcoin investors, as it suggests that the cryptocurrency is poised for further growth in the coming months. But what does this mean for you?

Read on to learn more about Tung’s analysis and what he believes is in store for Bitcoin in the near future.

Bitcoin’s Rise to the Top

Tung highlights Bitcoin’s recent display of strength and stability. Just a week ago, it was trading below $26,000, but it has since solidified above $34,000, serving as both a support and resistance level.

Tung’s findings find confirmation in the insights provided by analysts at Bloomberg, who use a chart that draws parallels between the current Bitcoin price trend and the run-up to the bullish phase of 2020.

While there is ongoing debate about the exact commencement of this bull market, Tung contends that Bitcoin began this journey when it broke out of the $15,000 to $16,000 range. He underscores that the cryptocurrency has been steadily recovering, more than doubling its value from that pivotal point.

What’s Next for Bitcoin? No one Really Knows!

Looking ahead to Bitcoin’s short-term price trajectory, Tung acknowledges the prevailing uncertainty. Currently, Bitcoin is wrestling with the resistance level at $34,700. Speculation is rife, with some anticipating a surge to $37,000 once this resistance is breached, while others foresee a potential decline to $32,600 or $33,000.

At present, Bitcoin is valued at $34,101. In the 4-hour time frame, we observe an immediate resistance point at $33,900 and a significant resistance level at $35,200, as indicated by a double top pattern.

Potential Scenarios to Consider

If the current bullish sentiment holds, Bitcoin might face resistance at $36,200 and $37,000 as it continues its upward climb. On the other hand, in the event that bearish sentiments take hold, support could come into play at around $33,100, corresponding to the 38.2% Fibonacci level.

Also Read: Bitcoin Price to Rocket to $125K by 2024: Is It Time to Invest?

Additionally, it’s important to keep an eye on support levels at $32,400 and $31,600.