Bitcoin price through the week witnessed a heavy upswing which easied out huge selling pressure. It broke out from the ascending triangle in the weekly time frame and registered one of the most bullish closes. Moreover, in the long run, the bears appear weak at least until the end of the year 2022. Moreover, the upper target for the BTC price by the end of the year still remains $100K.
The market received much-required boosts as the crypto space recovered finely throughout the weekend. Bitcoin surpassing the upper resistance step-by-step showcases its determination to maintain a strong uptrend by forming constant higher highs and lows. Therefore, despite a small pullback from $44,500 to $42,000 occurred, the crypto folks were pretty confident of the upcoming swing. With the recent flip, BTC price showcased a similar trend yet again, that elevates the upper target from $100K to over $150K until the end of 2023.
Bitcoin initiated with the pattern since the beginning of the 2019 flip. The asset rebounded from the lows firmly at $3100 and surged high to hit $64,000 in 2021. Further, the asset plunged and again smashed the current ATH close to $70K. In the due course, it formed a double bottom as it had formed before. Therefore, if the BTC price follows a similar pattern then, no stronger sell area may be encountered before it smashed $200K somewhere close to the end of 2023 as predicted by the analyst.
Currently, Bitcoin is showcasing huge bullish momentum and is on the verge to hit $50,000 anytime from now. While the uncertain situations of Covid, Inflation or War appears to have eased out to a larger extent, BTC price could remain significantly bullish with the beginning of Q2. And further maintaining the strong uptrend, may also achieve the desired target slicing through the current ATH.
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Source: https://coinpedia.org/price-analysis/bitcoin-consolidation-ends-here-btc-price-to-have-a-year-long-bull-run-soon/