The crypto space, after the recent price action, has been consolidating around the gained levels and appears to be poised to undergo a fine upswing soon. The Bitcoin price is trading in and out of $28,000 and appears to be holding acute bullish momentum at the moment. This may further ignite a notable upswing in the coming days, raising the price levels beyond $29,100 in the next few hours.
According to a popular analyst, KALEO, the upward trajectory has just begun, and the price may continue to maintain a steady upswing.
The BTC price was predicted to undergo a slight pullback before igniting a fine upswing ahead. However, the price quickly coiled up and rose modestly, breaking from the descending consolidation. According to the analyst, the BTC price is believed to maintain a massive upswing to reach levels beyond $29,000 in the next few hours.
Besides, yet another indicator that the star crypto is preparing for a massive upswing is the newly formed CME gap. During the previous bull run in 2021, the BTC price formed a CME gap at $19,000, which remained unfilled. However, the price maintained a steep upswing later to mark a new ATH close to $69,000. Presently, the price has again formed a CME gap around the same levels and soared high without filling it.
If the pattern repeats, the BTC price may rise significantly, igniting a fresh bull run to mark new highs. According to the analyst, Mikybull Crypto, the Bitcoin price may make a new ATH in 2024 as the price has repeated the previous pattern.
Source: https://coinpedia.org/price-analysis/bitcoin-preparing-for-the-2024-bull-run-this-is-where-it-may-trigger-a-massive-upswing/