After maintaining a consolidated trend for a couple of days, Bitcoin again regained the lost levels above $23,000 in the early trading hours. The bulls, who were accumulating gains without inducing buying pressure, quickly uplifted the price when the bears fell weak for some instance. On the whole, the BTC price is believed to be at the foothill of a massive explosion that could ignite a massive bull run in the coming days.
The BTC price in the short term was trading within a bullish ascending pennant, but the recent bearish pressure dragged the price lower, slicing beyond the lower support. In the meantime, the rounds of the bears reclaiming their dominance to squeeze the rally were outspread. However, the bulls jumped back in action and temporarily invalidated the bearish trajectory.
The current trade set-up indicates that star crypto is poised to maintain a notable upswing. As per Ki Young Ju, the CEO of an on-chain data provider, Crypto-Quant, Bitcoin entered into the early bull phase.
The CEO lists some of his observations due to which, it is evident that the current pullback is part of the star crypto preparing for a massive bull run ahead. The analyst referring to the Crypto-quant bull-bear indicator says that BTC is trading within an early bull run phase. The levels in the above-mentioned chart have rebounded from negative levels and heading toward the positive range.
Each time, the bullish divergence was recorded, the BTC price underwent a significant upswing to mark interim highs. Besides, the BTC price is also speculated to follow traditional assets like Gold. DXY, etc. The price trend is following the pattern Gold or DXY has undergone earlier. Hence if it follows the upswing the traditional assets followed, then a BTC price is believed to rise beyond $30,000 in the coming days.
Source: https://coinpedia.org/price-analysis/bitcoin-price-analysis-bullish-continuation-signals-btc-in-early-bull-phase/