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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Is The Bitcoin Run Over? Analyst Anticipates Further Upside

Godspower Owie
Godspower Owie
1 year ago
3 mins read
Bitcoin

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In the midst of recent market turbulence and widespread speculation about the future of Bitcoin, cryptocurrency analyst and trader, Crypto Jelle has offered an optimistic outlook for BTC, affirming that the crypto asset’s bull run is far from over, indicating its potential to rally even further in the upcoming months. 

The Strength Of Bitcoin Is Underestimated

Crypto Jelle’s analysis delves into Bitcoin’s current consolidation and the significance of the level. Following the recently concluded fourth Bitcoin Halving event, many people expect BTC to display immense price movement on the upside. However, the coin has not fully lived up to the expectations of several community members and crypto enthusiasts due to its present price consolidation.

According to the Crypto Jelle, these people are actually underestimating how strong Bitcoin has proven to be thus far in this cycle. Jelle pointed out that the Halving event was only a few weeks ago, and BTC has been consolidating around the prior cycle’s all-time highs for several months now, suggesting a noteworthy development in comparison to past trends. As a result, the analyst believes the Bitcoin bull run is not over yet, predicting prices to reach a 6-digit level in the foreseeable future.

Bitcoin
BTC bull run is not over yet | Source: Crypto Jelle on X

The post read:

People underappreciate the strength Bitcoin has shown so far this cycle. The halving event happened mere weeks ago, and yet we’ve been consolidating around the previous cycle ATHs for months. This run is not over. Bring on 6-figure BTC.

Addressing the recent price corrections, Jelle claims pullbacks in the bull market are essential in order to rid the markets of enthusiasm and greed. Following weeks of Bitcoin gradually declining, particularly by 23%, market optimism has subsided, and it is now seen as audacious to be bullish. 

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Timing The Breakout: When Will Bitcoin Escape The Post-Halving Consolidation?

1 year ago

Thus, Crypto Jelle underscores that the potential of this market to surge higher lies within the crypto community members’ confidence in the market amidst troubling times like this.

The crypto analyst highlighted that Bitcoin is still trading within a 7-year-old channel. Should this post-Halving consolidation mirror past trends, the expert is confident that the best is still to come, predicting a break out from the 7-year-long channel could send BTC to the $100,000 price level.

BTC Price Action Looking Good

Crypto Jelle has also identified some indicators that show BTC’s price action today is looking good. Drawing attention to the 100-day Exponential Moving Average (EMA), Jelle pointed out a bullish MACD cross below the zero line, marking the first higher low in a longer time. Due to this, Bitcoin’s price looks promising as it is almost done with its full reset.

Related Reading

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Why Bitcoin’s Post-Halving Rally Is Certain, Analyst Explains

1 year ago

Also, looking at the 21-week EMA, the crypto asset has pulled back into the key support level at $62,408. Jelle, on the other hand, does not consider this development as one to be worried about, urging investors to stick to their Bitcoin investment.

Presently, Bitcoin is demonstrating a bullish momentum, rising from around $60,790 to about $63,100. At the time of writing, BTC has increased by over 2% in the past day, trading at $62,570. Its market cap has also risen by 2.41%, while its trading volume is up by 69% in the last 24 hours.

Bitcoin
BTC trading at $62,621 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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