Bitcoin price is down nearly 5 percent in the past five days to trade around $28.8k on Thursday. The top digital asset is retesting last month’s highs after the bulls were rejected between $30k and $31k in the past three weeks. As Bitcoin’s dominance trends in a precarious zone, the instrument will have to close above the current levels for the bulls to maintain the upper hand.
Otherwise, analyst forecasts crypto cash flow could continue moving from Bitcoin to the altcoin market. Moreover, the emergence of new meme coins – including $PEPE and $WOJAK – is an indicator the altcoin season is at hand.
Doctor Profit Analysis of Bitcoin Price Range
According to a respected elite cryptocurrency trader on Twitter @DrProfitCrypto, Bitcoin price has already established a consolidation range between $25k and $38k before the next halving. While the top digital assets have already reached and surpassed $25k following last year’s dip to $15.5k, Bitcoin price is yet to hit $38k this year.
As a result, the analyst anticipates a Bitcoin pre-bull run to continue after the ongoing correction until around $38k. Notably, the analyst forecast Bitcoin’s breakout to the ATH will happen after the halving event as established in the past.
The analyst further noted that interest rate cuts or market dumps will not push Bitcoin prices to new lows. As such, the analyst concluded the current range is the best accumulation phase in preparation for the next bull market.
“In case of rate cuts and followed dump, I am not expecting lower lows,” the analyst noted.
Similar sentiments were shared by a pseudonymous crypto investor on Twitter @TraderDAO_AI who noted traders should closely monitor interest rate cuts amidst the multi-quarter crypto consolidation.
Source: https://coinpedia.org/bitcoin/bitcoin-price-to-fluctuate-between-25k-and-38k-until-next-bull-run-begins-heres-what-traders-should-do/