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The crypto markets are rising! The Bitcoin price is going up! Altcoins are also displaying bullish momentum! Are the markets at the start of a bull run?

After a notable rise, the BTC price is consolidating as the bears are restricting the rally below $30,000. However, the bulls also appear poised, as they are self-assured of validating a fine upswing in the coming days. Despite the bullish scenario, the possibility of a bearish pullback also looms over the star crypto. 

Ever since the rumours of the SEC approving the Bitcoin ETF made huge rounds, the price pumped hard, which was later absorbed in no time. Presently, the BTC price appears to be in a decisive area.  One of the popular crypto analysts, Babenski, drafts the probable bullish and bearish scenarios for the BTC price. 

In the long term, the BTC price is trading within a bullish pattern. After the recent pullback, the BTC price has formed the second bottom and hence accomplished the double bottom pattern. The neckline of the pattern resides within the zone between $31,000 and $32,000, and hence the price is primed to reach these levels soon. However, a breakout and stability above these levels could trigger a fresh bullish signal, testing the higher targets. 

Considering the daily chart, the BTC price flashes bearish signals as a rejection from the current levels may accomplish the formation of a head and shoulder pattern. Following this pattern, the right shoulder of the pattern may form, which suggests a rejection could lead the price towards the neckline. Moreover, the analyst believes in a continued bearish trend enabling the Bitcoin price to reach the liquidity zone below $25,000. Here, a fine rebound could trigger, lifting the price close to $40,000, indicating the start of a bull rally. 

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Filed under: Bitcoin - @ October 21, 2023 7:12 am