Bitcoin Could See a Parabolic Bull Run Soon as it Hits Crucial Resistance Zone
Bitcoin (BTC) has recently slowed down its gains after crossing the critical $35,000 mark and nearing $38,000. However, technical indicators suggest that it may make a significant upward move in the near future.
According to cryptocurrency trading expert Michaël van de Poppe, the higher timeframe picture on Bitcoin shows that it has reached a crucial resistance zone. The cryptocurrency briefly touched the pivotal resistance at around $38,000 while moving away from the pivotal support between $31,114 and $31,790, as indicated by the analyst’s chart.
Trader Tardigrade, a pseudonymous crypto market analyst, has also pointed out that Bitcoin could enter a parabolic bull run soon. They shared a chart pattern analysis dating back to 2012, which demonstrates similar price movement cycles occurring after each pre-bull run.
Based on the analysis of previous bull runs from 2013-2014, 2017-2018, and 2021-2022, the next bull run could start as early as December and continue for several months, potentially reaching the $200,000 territory.
Bitcoin Price Analysis
At the time of writing, Bitcoin is trading at $36,323, recording a decline of 0.85% in the last 24 hours and a drop of 2.15% in the previous seven days. However, it still maintains a gain of 28.31% on its monthly chart.
Despite the temporary slowdown, Bitcoin has the potential to push its price further. This is supported by the influx of new smaller wallets with less than one BTC flooding the network, leading to a yearly high of 67.62% in newly created active addresses this week.
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