Bitcoin price is constantly swinging above and below an important zone at $30,000. Moreover, after testing and getting rejected here multiple times, the zone appears to have become pretty weak at the moment. And hence if the price fails to hold now, may face extreme consequences in the near future.
However, a popular analyst puts forth some of the factors which may lay down a strong foundation for a bull run very soon.
The CEO of CryptoQuant Ki-Young Ju, in a series of tweets, mentioned the reasons that majorly refer to the Energy companies who will drive the BTC bull run soon. The high energy consumption by the crypto companies to mine Bitcoin has been outspread lately. And hence the CEO believes safe and eco-friendly mining specifically powered by renewable and solar energy may lead the rally ahead.
The CEO also referred to Tesla, Block & Blockstream’s collaboration to make Bitcoin more environmentally friendly. On the other hand, despite a plunge in the BTC prices, the hash rate maintained its ascending trend. And hence the CEO says that,
“The markets are cold, but the fundamentals are full of heat from mining rigs,”
One more factor which may fuel the Bitcoin price rally is the falling DXY Index which has experienced a massive rejection of let.
In recent times, the DXY has surpassed the crucial resistance at 104 that it failed to do so in its previous couple of attempts. Currently, the index has dropped from 104.66 to 102 which may induce a significant bullish momentum in the crypto space specifically Bitcoin price. However, a probability of a retest cannot be completely nullified as the upward movement may be pretty possible. But until then one can expect a significant BTC price rally in the next couple of days.
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Source: https://coinpedia.org/bitcoin/these-may-kick-start-the-next-bitcoin-bull-run-but-will-btc-price-range-more-than-100-to-form-new-ath/