Bitcoin tests final resistance levels before confirming bull market start.
Some believe despite the remaining resistance levels, the bear market is over.
Could this be a singular pump before liquidity rotates into altcoins?
The crypto community is thrilled to see the prices of promising altcoin assets soar over the past 2 days. Reputed analyst debate over the possibility of the end of the bear market and the start of the bull market while Bitcoin tests final resistance levels before confirming bull market commencement. Could this truly be the moment the tides turn back for crypto or its this just the beginning of rotation into altseason?
Bitcoin Tests Final Resistance Levels
Over the past 48 hours, the price of the pioneer crypto asset, Bitcoin (BTC), ran from the $69,000 price range to as high as the $79,000 price range, so close to reclaiming $80,000 and surging beyond that towards higher targets. According to one reputed crypto analyst, this sudden price action marks the end of the bear cycle and the start of the early stage of the bull cycle.
The same analyst expected ETH to outperform BTC over the coming bull cycle. This expectation likely comes from the fact that the previous bull cycle only saw the rise of Bitcoin at a phenomenal rate, when altcoins barely pump. Thus, he believes the coming bull cycle pump phase will be more favorable towards altcoins, especially assets like COIN, Circle, and Ethereum.
Despite this take, the price of BTC is expected to surge much higher than its previous ATH record in the $126,000 price range. Already expectations are placing bull predictions for BTC to peak at targets like $200,000 to $250,000, and more. In contrast, others believe the current pump was a last and final liquidity grab before the price of BTC could set a final bear market bottom.
Can Bitcoin Confirm the Start of the Bull Market?
The differing views can only be determined once the price of BTC actually makes a decisive move. Indeed, over the last two days, BTC blew past several crucial resistance levels. But, analysts wonder, can BTC maintain this surge or will it dwindle back down? The same expert has marked $79,500 and $82,000 as the two final resistance levels that BTC needs to break past. Only then can BTC confirm the true start of a bear market.
https://twitter.com/AshCrypto/status/2090469170332729490
Adding to the conversation are two other experts who are echoing the same sentiments. As we can see from the post above, this expert compares the current pump to previous similar moves in BTC’s price history. He then highlights the many signs of a true reversal and shares a warning stating a possible drop is likely if BTC doesn’t break past all resistance levels. However, he concludes that holding above $67,000 is crucial.
https://twitter.com/CryptoMichNL/status/2090424347504603430
Similarly, the expert in the post above states that BTC will face the final resistance level at $83,000. He believes that once this level is hit, the asset may experience a stall with the markets, meaning that BTC sees a resistance here and that it will consolidate for a little bit. It's also the level where the end of the bear market and the start of the bull market can be confirmed.