Bitcoin Preparing for Another Rally, BTC Price to Hit $100K in 2025
The post Bitcoin Preparing for Another Rally, BTC Price to Hit $100K in 2025 appeared first on Coinpedia Fintech News
The bitcoin price is struggling to regain levels above $24,000 after falling below them during the early trading hours. The selling pressure has mounted, and hence, it appears that the star crypto is on its way to marking new lows. However, the current bearish action could be to attract liquidity, which is much needed to uplift the price beyond the current consolidation.
The recent price trend suggests the BTC price is setting a base to trigger a parabolic rally in 2023. Presently, the BTC price is hovering along the local bottom, substantiating the claims of the market participants being extremely uncertain about the current market conditions. Besides, multiple technical factors also point to the rally igniting a 2019-like upswing.
The Bollinger bands also have the same contractions and expansions along with similar candle patterns that include a hammer and a long-legged doji. The BTC price, after breaking above these lines, underwent massive price action, putting an end to the bear market. The charts presently exhibit yet another possibility of marking a similar trend.
Will the upswing sustain while the bears continue to hold some dominance over the rally?
At present, the BTC price is struggling to rise beyond the crucial levels, indicating a huge drop in volatility and compelling it to trade sideways. However, in the longer time frame, the BTC price appears extremely bullish as it constantly follows a trend and eventually breaks out of the consolidation.
As seen in the above chart, the BTC price has been forming similar patterns every now and then. Each time the blue line of the stochastic RSI crosses the red line, the price flips from the bearish trend and ignites a massive bull run. A similar pattern is witnessed in the monthly chart and hence flashes the possibility of a bullish breakout.
Collectively, the Bitcoin (BTC) price has been bullish in the longer time frame and hence, an interim pullback may be the only opportunity for the traders to step in.
