Bitcoin price after fluttering below $18,000 for a few months has jumped beyond the crucial resistance at $22,500. The prices are inflating heavily and appear to be at the initial stages of the bull run that may end up forming a new ATH in the near future. However, before being optimistic about the upcoming bull run, here are the possibilities of the rally being programmed and could be executed shortly.
An extract replication of 2019-2020 rally is underway where-in the first leg bouncer off from 200-day WMA initially and later the Q1 2024 crash may begin. A popular analyst, forecasts the Bitcoin price prediction for 2023 and says that the price may reach $25,000 in the next few weeks which will be followed by a massive pullback in February.
Referring to the above chart, the analyst says, there could be a continuation to $23,100 which could be followed by a pullback to $22,000. However, this plunge is believed to trigger a massive leg up towards $25,000 to accomplish the ‘2023 bull run’ and by the end of the first week of February, the bears may begin with their actions.
Bull Run Or Bull Trap? What Next For Bitcoin Price
In one of Coinpeida’s compositions, it was reported that whales have been aggressively accumulating Bitcoin. Therefore, it may not be considered a normal price jump if the volume does not appear to be real. Hence, a well-known analyst, il Capo of Crypto says that this could be the biggest bull trap ever which may foresee a major impact soon.
Collectively, the Bitcoin bull run presently appears to be a trap. No significant confirmation of bullish reversals was seen while the conditions for an intrinsic upswing have not been met. Therefore, one needs to keep a close watch on the BTC price movements as it may fade away in just the blink of an eye.
Source: https://coinpedia.org/price-analysis/another-march-2020-like-crash-incoming-in-q2-2023-bitcoin-btc-prices-may-witness-highest-drop-in-history/