After a fortnight of heavy selling pressure caused by the FTX collapse, the crypto market has rebounded over the past few days. On Wednesday, the price of one bitcoin increased by around 5% to trade around $16,585.
After the recent stressful period in the market, the crypto market reported small advances for most of its assets, and BTC is no exception. However, an intriguing pattern was spotted by experts, and it might portend positive future trends for the DeFi coin.
A “huge bull run” for the digital flagship may be on the horizon as Bitcoin is currently displaying a chart pattern similar to that before the previous bottom in 2015.
From a technical perspective, BTC might recover over $25k or keep bleeding toward $14k. The last few weeks have seen an upsurge in liquidations in the battle between Bitcoin bulls and bears.
Another cryptanalyst who goes by the alias moustache shared his thoughts on the current bitcoin movement on November 23, claiming that BTC might soon be on the verge of a bull run.
Every time in #Bitcoins history, when the RHODL ratio left the green zone, the bullmarket started and the bottom was in.RR🟡 has left the green zone again, but $BTC is making new lows. Manipulation? I think, once the final bottom is reached, $BTC and crypto will rise heavily. pic.twitter.com/IrCFvfLdhN
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) November 23, 2022
According to the analysis above, the price of bitcoin has consistently rebounded strongly after leaving the green zone. However, BTC has declined despite the aforementioned indicator crossing into the green zone.
According to numerous experts, the crypto bear market is nearing the end of its current phase. On-chain data indicate that long-term investors now have a greater desire for more coins.
Technical expert Matthew Hyland who has been following BTC’s three-day Supertrend indicator since January 2022, asserted that for Bitcoin to exit the bear market, it would need to reach a price of roughly $20,200.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their 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.