{"id":520994,"date":"2023-02-25T10:45:14","date_gmt":"2023-02-25T10:45:14","guid":{"rendered":"https:\/\/wncen.com\/?p=520994"},"modified":"2024-06-11T14:32:52","modified_gmt":"2024-06-11T14:32:52","slug":"is-this-the-end-of-bitcoin-price-rally-top-analysts-share-their-views","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/is-this-the-end-of-bitcoin-price-rally-top-analysts-share-their-views\/","title":{"rendered":"Is This The End Of Bitcoin Price Rally? Top Analysts Share Their Views"},"content":{"rendered":"

Bitcoin has been hovering within the $23,000 – $25,000 price range without clearly indicating its next direction. This has caused a major debate in the crypto space on whether the bullish season is over.<\/span><\/p>\n

This is further heightened by the consistent failure to break above the $25,000 resistance mark. Despite this, a few analysts are confident that the leading token is facing a temporary price correction.\u00a0<\/span><\/p>\n

Bitcoin Price Rally Imminent\u00a0<\/strong><\/h2>\n

Micha\u00ebl van de Poppe, the founder of the Eight trading firm, believes that Bitcoin could be set for an extended bull run. Explaining his position in a post on <\/span>Twitter<\/span><\/a>, van de Poppe noted that the Bitcoin market has been consistent with regular price corrections within this bullish season.\u00a0<\/span><\/p>\n

\"CryptoMichael
CryptoMichael expects Bitcoin to maintain its current support | source @cryptoMichNL\/Twitter<\/a><\/figcaption><\/figure>\n

He added that as long as Bitcoin remains above $22,000, this would be enough to expect a continuation toward $25,000. This position is further supported by crypto trading analyst Rekt Capital who believes that Bitcoin is yet to make a significant rally toward the $25,000 resistant mark.\u00a0<\/span><\/p>\n

\"Rekt
Rekt Capital chart also focuses on the formation of support above $23,000. Source: @rektcapital \/ Twitter<\/a>.<\/figcaption><\/figure>\n

Using a <\/span>chart <\/span><\/a>to represent his analysis, Rekt Capital believes that BTC is holding above the lower high resistance mark of $23,000. He noted that if the price stability remains constant, it could be argued that the price of BTC is slowing down.\u00a0<\/span><\/p>\n

Related Reading:<\/strong> Bitcoin Decline Ahead? Bearish Crossover Forms In This Metric<\/a><\/p>\n

For his part, CryptoTony stated that he is in a long bullish position as long as the price of BTC remains above $23,400. Thus, he intends to capitalize on the current bearish movement in the short term.\u00a0<\/span><\/p>\n

\"Crypto
Crypto Tony expects a further drop at the $25,000 resistance. Source: Twitter \/ @CryptoTony<\/a><\/figcaption><\/figure>\n

He further added that the touch of the top on the chart is a double top which is to be expected. This indicates that there would not be a permanent rise immediately but a new rejection when trying to surpass the $25k resistance level.\u00a0\u00a0<\/span><\/p>\n

Major Mining Indicator Also Suggests BTC Bullish Trend<\/strong><\/h2>\n

Meanwhile, mining data indicator Puell Multiple points to a strong rise in the bitcoin price indeed coming. Puell Multiple’s indicator stands at 1,041 for the first time since January of last year, according to data from <\/span>glassnode<\/span><\/a>.\u00a0<\/span><\/p>\n

Related Reading<\/strong>: Why Blockchain And Crypto VC Funding Is Down In Q4, According To This Report<\/a><\/p>\n

The Puell Multiple is calculated by dividing the total value of BTC issued daily by the average value of BTC issued each day during the previous year. When well below 1, it usually points to the lows within a market cycle, while very high indicator levels usually indicate a bullish cycle.<\/span><\/p>\n

The fact that it has hit a yearly high could signal the beginning of a new bull run that could take BTC to new price levels.\u00a0<\/span><\/p>\n

Bitcoin Has Enjoyed A Renaissance In 2023<\/h3>\n

So far this year, BTC is up more than 50% and has returned to prices not seen for at least six months. At the time of writing, Bitcoin is trading at $23,400 with a weekly decline of 6%.\u00a0<\/span><\/p>\n

\"Bitcoin
Bitcoin is in a slight decline over the past week | BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
<\/div>\n

 <\/p>\n

Featured image from Unsplash.com, charts from Tradingview and Twitter<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has been hovering within the $23,000 – $25,000 price range without clearly indicating its next direction. This has caused a major debate in the crypto space on whether the bullish season is over. This is further heightened by the consistent failure to break above the $25,000 resistance mark. Despite this, a few analysts are confident that the leading token is facing a temporary price correction.\u00a0 Bitcoin Price Rally Imminent\u00a0 Micha\u00ebl van de Poppe, the founder of the Eight trading firm, believes that Bitcoin could be set for an extended bull run. Explaining his position in a post on Twitter, van de Poppe noted that the Bitcoin market has been consistent with regular price corrections within this bullish season.\u00a0 He added that as long as Bitcoin remains above $22,000, this would be enough to expect a continuation toward $25,000. This position is further supported by crypto trading analyst Rekt Capital who believes that Bitcoin is yet to make a significant rally toward the $25,000 resistant mark.\u00a0 Using a chart to represent his analysis, Rekt Capital believes that BTC is holding above the lower high resistance mark of $23,000. He noted that if the price stability remains constant, it could be argued that the price of BTC is slowing down.\u00a0 Related Reading: Bitcoin Decline Ahead? Bearish Crossover Forms In This Metric For his part, CryptoTony stated that he is in a long bullish position as long as the price of BTC remains above $23,400. Thus, he intends to capitalize on the current bearish movement in the short term.\u00a0 He further added that the touch of the top on the chart is a double top which is to be expected. This indicates that there would not be a permanent rise immediately but a new rejection when trying to surpass the $25k resistance level.\u00a0\u00a0 Major Mining Indicator Also Suggests BTC Bullish Trend Meanwhile, mining data indicator Puell Multiple points to a strong rise in the bitcoin price indeed coming. Puell Multiple’s indicator stands at 1,041 for the first time since January of last year, according to data from glassnode.\u00a0 Related Reading: Why Blockchain And Crypto VC Funding Is Down In Q4, According To This Report The Puell Multiple is calculated by dividing the total value of BTC issued daily by the average value of BTC issued each day during the previous year. When well below 1, it usually points to the lows within a market cycle, while very high indicator levels usually indicate a bullish cycle. The fact that it has hit a yearly high could signal the beginning of a new bull run that could take BTC to new price levels.\u00a0 Bitcoin Has Enjoyed A Renaissance In 2023 So far this year, BTC is up more than 50% and has returned to prices not seen for at least six months. At the time of writing, Bitcoin is trading at $23,400 with a weekly decline of 6%.\u00a0   Featured image from Unsplash.com, charts from Tradingview and Twitter<\/p>\n","protected":false},"author":585,"featured_media":520999,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,640,1119,12685],"class_list":["post-520994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bitcoin-mining","tag-btc","tag-bullrun"],"acf":[],"yoast_head":"\nIs This The End Of Bitcoin Price Rally? Top Analysts Share Their Views<\/title>\n<meta name=\"description\" content=\"Bitcoin has been hovering within the $23,000 - $25,000 price range without clearly indicating its next direction. 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