Bitcoin closes the first green month after a couple of bearish closes in recent times. The history is showing a strong indication of repeating the price trend. Where-in BTC price is on the verge to surge more than 100% to form a new ATH somewhere around $75,000. As the asset is heavily consolidating within $43,500 to $45,000 heavily. Therefore the possibilities of breaking through the bullish flag and achieving the $47,000 levels are pretty high.
With a bullish monthly close, Bitcoin is heading towards the ATH or may also form a new ATH too. The asset always follows a pattern of a pump followed by a healthy accumulation. Later continues with the same pattern. It usually happens after a large big impulse. And as the recent accumulation is followed by a large wave impulse, has increased the possibilities of BTC price raising 1x to form a new ATH in Q2 2022.
As we can see that after recording 6 consecutive green monthly candles during the bull run from October 2020 to March 2021, Bitcoin trembled down drastically. The price was slashed more than 54%, after which it initiated a notable flip towards ATH. Currently, a similar trend is witnessed where the asset has dropped by nearly 51%. Later it flipped notably and recorded a notable green bullish monthly candle. And hence following a similar path the BTC price may form a new ATH somewhere around $80,000 to $82,000.
Despite the bullish sentiments that prevail, the asset needs to qualify with the pre-requisites. The asset needs to record and maintain the daily close above $44,500 throughout the week to maintain an ascending trend. And moreover, the BTC price needs to surpass the crucial levels at 200-day MA in the daily time frame. This is when one can expect the price to surge high above $50,000 initially.
Collectively, the BTC price in recent times is mirroring the aftermath rally of the 2021 bull run where it smashed the ATH close to $70,000. And hence in the next couple of months, if the bears remain away for some time, Bitcoin could propel beyond ATH to form a new one very soon.
Source: https://coinpedia.org/bitcoin/bitcoin-btc-price-to-get-a-larger-push-towards-55k-soon/