End of 2022 signaled the end of Bitcoin’s bear market with significant RSI breakout.
Transition from bear to bull isn’t immediate; market goes through a regeneration phase.
Current movements indicate the pre-bull phase, not the commencement of a bull run.
The highly anticipated ‘Golden Bull’ is projected to manifest in the next 6-12 months.
For cryptocurrency enthusiasts, 2022 was a year of peaks and troughs, especially for the cryptocurrency flag bearer, Bitcoin. As we approached the end of that year, keen observers noted a defining RSI breakout when Bitcoin ranged between $16k-$18k, heralding the end of the prolonged bear market.
However, such transitions are seldom straightforward. While the bear might have retreated, it didn’t immediately pave the way for a bullish stampede. Instead, what many often overlook is the market’s ‘regeneration phase.’ It’s a period where the market meanders, trying to ascertain its “Actual fair price,” often misinterpreted as the commencement of a bull market.
Those attuned to the market fluctuations in early 2023 might recall how Bitcoin flirted with the $18k-$21k range. Pegged as the institutional entry point, this zone drew significant attention, not least from major players like Binance that made strategic purchases, presumably backed by newly minted TUSD. The price dynamics that followed saw Bitcoin touch $30k, only to retract upon facing the robust WMA200 resistance. This pattern, which saw the cryptocurrency oscillate between $25k and $30k, elucidated the difference between genuine bullish sentiments and mere relief rallies.
Fast forward to the present. Bitcoin appears to have surmounted several obstacles, not least its breakout above the stubborn $30k threshold and the significant WMA200. This momentum is fueling optimism, and not without reason. However, it’s paramount to distinguish between fleeting rallies and a genuine ‘Golden Bull’ phase – the latter being the ferocious run we witnessed years ago, taking Bitcoin to an impressive $60k.
Currently, Bitcoin’s trajectory is homing in on the $34k-$35k band, which represented the bull market’s support back in 2021. With RSI resisting, and yet the bull remaining robust, a breakthrough seems plausible, propelling Bitcoin towards a target of $37k-$38k. Yet, in this volatile sphere, sideward drags and potential dips down to even $26k could transpire before the heralded Golden Bull takes the reins.
Conclusively, while the past tumultuous months might have wearied many, it’s essential to stay poised. The significant bull run, one that’s been the subject of much anticipation, is still brewing. The market is transitioning from regeneration, with the pre-bull having just arrived, and the Golden Bull expected to dominate the scene in the next 6-12 months.
Source : https://twitter.com/DrProfitCrypto/status/1719327568577339519
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