Bitcoin’s 12% surge in a single day has become a debate in the crypto market as it has again sparked signs of a potential bull market this quarter. After witnessing a massive influx of funds near the $21.5K level, the BTC price surged to $25K and made a minor rejection, confusing investors about the upcoming price trend.
Market analysts believe that Bitcoin’s wild price swings are a sign of a bullish and healthy market, while others are concerned about a market crash ahead as the volatility is too extreme to handle ongoing events.
Bitcoin Flashes’ Mother Of All BTC Signals’!
BTC price is showing a solid warning to bears as its indicator recently flashed green, which is the mother of all signals. According to a tweet from a crypto analyst, Mohit Sorout, Bitcoin (BTC) traders and investors have received a rare and significant buy signal for the cryptocurrency, providing a bullish outlook for the digital asset.
The analyst states that the Dollar Cost Averaging (DCA) indicator now hints at a solid bull market ahead for the BTC price. He further mentions this is the 4th time the DCA indicator is flashing in the green region after pushing Bitcoin’s price by 640% in the last bull market of 2020.
Moreover, in a recent statement, Cameron Winklevoss, the billionaire co-founder of the Gemini cryptocurrency exchange, expressed his views on Bitcoin’s outstanding performance. He indicated that the surge in Bitcoin’s price beyond $25,000 is a positive indication of the crypto market’s recovery from its tough situation caused by FTX’s demise.
BTC Price May Develop Two Scenarios Near $25K
The $25K price level is playing a crucial role in bringing the upcoming price trend for Bitcoin as it holds bullish sentiments on the verge of selling pressure from bears. Bitcoin has displayed a stable performance in recent days, as the crypto king holds its price near the $24K level. A breakout near $25K or a failure may bring sudden price fluctuations in both upward and downward directions.
As of writing, BTC price trades at $23.8K, with a decline of over 2.5% in the last 24 hours. A well-known crypto trader and analyst, PStrade, predicts that BTC price may be developed in two scenarios from $25K. First: If Bitcoin clears its resistance of $25K, it may surge above the 61.8% Fib retracement level and gain more long-positions until it hits the liquid zone of $30K.
Second: A failure to retest the resistance of $25K will strengthen sellers’ domination as BTC can witness a spike in short positions, forcing the asset for a downward correction. Finally, a drop below the EMA-20 trend line at $22.6K may plunge the asset to the support region of $18K-$21K, from which fresh long positions may be opened.