Bitcoin price has been fascinating throughout the year 2022 as it underwent multiple halving events with respect to price. The price continues to find new lows with the revival of a fresh bearish trend. Meanwhile, popular analysts believe that the star crypto can make a comeback and trigger a bull run very soon.
Kaleo, a well-known analyst, in his latest video update, says that the Bitcoin bull run has begun with the price crossing the 200-day MA levels. Therefore, says that once the BTC price raises above $20,370, it may slice through the bearish captivity and fly high.
“I think one of the things, really, looking forward as far as watching for big pivots, any type of shits from where we are, is a reclaim of that 200-day simple moving average as well. So as far as getting exuberantly and a shift for ‘Okay, we’re in the clear for a little while to go,’ that’s one thing I am looking for.
I know it’s incredibly simple but it is something that has been a signature for every single bottom that we’ve seen on this chart over the course of the past few cycles. So I think that it’s something that is simple and easy to keep an eye on….Until that happens, just remaining patient is important,”
Bitcoin in recent times is heading strongly towards crucial resistance close to $17,000. Therefore, if the price is required to slice through the $16,900 then only, the bullish continuation may be confirmed. With a brief upswing, the possibility of a bullish close beyond $17,300 could be quite possible.
Source: https://coinpedia.org/price-analysis/heres-when-bitcoinbtc-price-may-undergo-a-bullish-trend-reversal/