At the time of publication, Bitcoin is changing hands at $19,181 after a plunge of 0.50% over the last 24hrs and this bearish movement has been observed for more than two months now. A few days back, the flagship currency surged above $19,500, but the bulls couldn’t maintain the pace.
Bitcoin started its downward journey after BTC made its first decline towards $19,300 and then $19,200. Before reclaiming the $19,000 area, the King’s currency had plunged below $18,500. Now, the immediate resistance lies at $19,200 while the support is positioned at $19,000.
Bitcoin Bull Run Soon
As the lead cryptocurrency struggles for a bullish outlook, many industry experts and analysts are analyzing potential factors that could lead to a surge in the price.
One of the crypto analysts, Kevin Svenson, claimed via Twitter today that Bitcoin is set to see a bullish momentum, but not anytime before April 2023.
The analyst makes a brief study of Bitcoin’s past bear market and how long it was in the control of bears before seeing a breakout. As per his analysis, in 2013, Bitcoin saw a breakout after 81 weeks while the next bull run was after 68 weeks of a bearish trend. Hence, he claims that after Bitcoin’s downwards movement that began in November 2021, the King currency should see a bull run after 75 weeks.
Another analyst, Michael van de Poppe, agrees with this outlook, saying that Bitcoin still has a solid chance of an upward move.
#Bitcoin still waiting for this breakout.
Preferably, I’m looking at longs around $19.3K if I were not into a long.
Or a flip of $19.6K.
Overall, I’m assuming we’ll continue the rally towards $22K coming period. pic.twitter.com/W3GN8ljjpA
— Michaël van de Poppe (@CryptoMichNL) October 18, 2022
However, it’s necessary to look at this claim practically. The technical analysis indicators tell a different story for Bitcoin. These signs display that BTC is all set to attract massive bear movement due to its descending triangle pattern. This was the same pattern that was seen during the 2008 Bitcoin market crash.