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Crypto analyst Aurelien Ohayon aka TAnalyst took to Twitter to share some observations on the crypto market leader Bitcoin (BTC). The analyst predicted that BTC is heading for a bull run. It could be that he placed his bets on the upcoming Bitcoin halving in April 2024.
#BTC BULL RUN STARTS. pic.twitter.com/V6R1M6bxf4
— TAnalyst (@AurelienOhayon) May 4, 2023
According to the infographics shown in the tweet, TAnalyst predicted that if BTC was to follow the same pattern within the linear regression, then it had the possibility of reaching $200K by 2024.
BTC At Press Time (Source: CoinMarketCap)
According to CoinMarketCap, BTC is currently valued at $29,113.11 with a fall of 0.38% in the last 24 hours.
BTC’s current CoinMarketCap ranking is at 1st position with a 24-hour trading volume of $15, 975, 921, 546 and a live market cap of $563,766,994,045. It has a circulating supply of 19, 364, 712 BTC coins and a maximum supply of 21,000,000 BTC coins.
BTC was consolidated around the end of April, hitting three monthly highs. It started showing a rise in value at the beginning of May, however, as the month progressed, BTC started falling and has since then been in the red. BTC hit four monthly lows and only rose above the opening market price once on May 5 with a value of $29,460.12.
BTC/USDT 1D- Chart (Source: TradingView)
When considering the chart above, we could see that BTC is on an uptrend rising within the linear regression. If BTC continues its trajectory within the linear regression it has the possibility of reaching Resistance 2 at $47.9K. However, during its march to Resistance 2, it may find Resistance 1 as a hard barrier to break.
In the event BTC is obstructed by Resistance 1, it may seek support at $32.4K. However, if the support at 32.4K fails to act as a launch pad for BTC’s next bull run, we could expect BTC to test Resistance 1 a few times and consolidate.
However, BTC’s brief periods of consolidations have been followed by a drastic drop during the past months. And every contraction of Bollinger bands have been followed by an expansion. Hence, if this is the calm before the storm, BTC could fall. If it does fall, it may land on Support 2. But the question is, will the preceding happen with an impending halving. The wait is on.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.