The cryptocurrency world has been buzzing with excitement as Bitcoin traders await a potential price surge after the BTC price reaches its monthly lows. Experts have been closely monitoring the market, and many believe that more dip in Bitcoin’s price could be the catalyst for a bullish run. As Bitcoin price consolidates in an uncertain region, it leaves investors with confusion if a bullish reversal is on the horizon.
Market Sentiments Are Bullish On Bitcoin’s Price
According to Chris Burniske, a former lead crypto analyst at ARK Invest, the current positioning of Bitcoin’s price on the chart is a matter of perspective. While some bearish investors may see a range moving towards a breakdown, Burniske catches a beach ball that cannot be kept down.
The analyst emphasized that macroeconomic indicators, specifically the dollar index (DXY) and rates, remain crucial in determining Bitcoin’s current state. If both indicators experience a decline, Bitcoin could potentially break through its $25,000 resistance level. Additionally, the analyst is closely monitoring Ethereum’s (ETH) price movement against BTC, as he believes it has the potential to surge significantly in the future.
Despite Bitcoin’s price being trapped in the low of $20,000 range, there is a glimmer of hope as a high time frame momentum tool- LMACD has recently signaled a bullish crossover. This signal has previously resulted in at least a 1,000% return on investment for Bitcoin.
Although selling pressure appears to have eased, Bitcoin’s price chart and several weeks of consolidation suggest a lack of buying activity. In the past, a trend reversal has been marked by momentum measures turning up on a higher timeframe.
Bitcoin To Rebound From $20K
For the third consecutive day, Bitcoin (BTC) has been consolidating above the $22,000 support level, with resistance at $22.5K proving to be a challenge. During this period, the candlestick pattern has transformed into a series of Doji candlesticks characterized by their small body and indicating market indecision.
BTC price is moving just above the EMA-50 trend line with less volatility as investors are waiting for macro events to occur in the next few days. As of writing, Bitcoin trades at $22.3K with a minor downtrend.
Analyzing the daily price chart, Bitcoin may soon make a breakout below its $22K level and head toward its major support level at $20K. A prominent crypto analyst, MMB Trader, predicts that Bitcoin price is set to rebound from the support region of $20K as investors will start opening long positions near this dip.
A surge above the EMA-20 at $23k will push the asset to $26K, from which the BTC price may fly to a new high of $32K.