The post Top 3 Reasons Why Bitcoin is Still Poised for a Bull Run; Here’s When! appeared first on Coinpedia Fintech News

The crypto markets have entered the final quarter, which has been bullish historically. The traders also appear to be optimistic about the upcoming price action. Besides, the current price trend displays a contrasting picture as the Bitcoin price continues its struggle to reach $28,000. Although the trend has remained ascending, market experts believe a notable retracement could also hinder the progress of the rally. 

In such market conditions, here are the top 3 reasons that suggest Star Crypto could have entered a bull run!

Bitcoin Breaks the Monthly Descending Trend

The historical price trend shows the BTC price has broken above the monthly descending trend line soon after the beginning of 2023. The price has followed a steep uptrend to mark new highs, but only after a minor pullback. Therefore, the BTC price may re-visit the bottoms close to or below $20,000 before triggering a steep upswing to reach the highs close to $100,000.

BTC Price Enters the Pre-Halving Phase

Halving is considered one of the most pivotal factors that leads to a huge price rise. As seen in the above chart the price has experienced a massive upswing after consolidating for a while after the halving event. However, the price appears to have entered a pre-halving phase and hence primed to test the lower support as it did before. 

Bitcoin Close to Begin a Strong Recovery

Bitcoin has been largely following a trend since its inception. After every bull run, a notable bear market follows, which is represented by a red candle above. Further, the bulls gain back their dominance, which is followed by a recovery phase and a massive bull run. After the 2021 bull run, the BTC price remained under bearish influence in 2022. Now that the price is closer to triggering a rebound, a fine recovery could follow, paving the way for the next bull run in the upcoming years.

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Filed under: Bitcoin - @ October 8, 2023 1:02 pm