After losing the $30,000 price threshold, the price of Bitcoin (BTC) has been trading in negative territory since the beginning of this month. But according to a two-week analysis, the cryptocurrency market will soon experience a bullish spike.
Two important elements, in the opinion of a technical analyst with CryptoCon who concentrates on detecting significant resistance levels, might raise the price.
Constantly challenged resistance, in the analyst’s opinion, should be seen favorably and as an essential component of the normal market cycle. This shows that a required consolidation phase, which comes before a bullish surge, is currently taking place in the Bitcoin market.
In addition, the researcher deduced from historical data that big price gains frequently occur after trend resistance. Previous Bitcoin market cycles have shown the existence of resistance before a significant bull rise, reinforcing the idea that the current resistance is a sign of higher pricing.
Investors are encouraged to exercise patience and refrain from making rash judgments while the market tests key resistance levels.