In a spectacular move, the Bitcoin price jumped beyond $42,000, indicating the beginning of a strong bull run. Multiple factors have had a positive impact on the BTC price, which has been recording constant bullish candles for the past few days. Besides, the buying pressure has also mounted to a large extent, which suggests the price could maintain a fine upswing in the coming days.
The recent upswing also indicates that the crypto markets have recovered from the Terra, Celsius, FTX, etc., and many more collapses uncovered during the bear market. The price has risen over 150% this year, and the Bitcoin hash rate has been setting new highs every day. The price, which has now repeated its previous moves, is expected to remain upside without any broader pullback.
Source: Tradingview
The above chart showcases the Bitcoin price consolidation just before the start of a bull run. It indicates that the price has undergone a similar trend previously, which has resulted in a strong bull run ahead. Each time this was triggered, the BTC price went parabolic and topped in 4 to 10 months.
Therefore, some of the reports suggest the price may even begin with a strong bull run much before the halving event, as the volume indicator just soared above the positive range for the first time since the beginning of 2022.
Now that the BTC price has already marked a new resistance at $42,154 after breaking above the channel, the current next target could be around $48,000.
Source: https://coinpedia.org/price-analysis/bitcoin-history-repeats-has-the-btc-bull-run-begun/