Is The Bitcoin Run Over? Analyst Anticipates Further Upside

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.

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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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.

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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.

Featured image from iStock, chart from Tradingview.com