Bitcoin is struggling to maintain a steady uptrend while limiting bearish behavior to a range
Long-term predictions suggest that the coin has entered a recovery phase, so a bull run could be imminent
The cryptocurrency market has entered the final quarter of a historically bullish period. Traders also appear to be optimistic about the upcoming price action. Moreover, the current price trend presents a stark contrast as Bitcoin price continues to struggle to reach $28,000. Although the trend is still upward, market experts believe that a significant pullback could also hamper the progress of the rally.
Under such market conditions, here are three reasons why Star Crypto could be entering a bull run!
Bitcoin breaks monthly downtrend
The historical price trend shows that the BTC price broke through the monthly downtrend line shortly after the beginning of 2023. The price followed a steep uptrend to set a new high, but only after a small correction. Therefore, the BTC price may re-touch the bottom near or below $20,000 and then trigger a sharp rise to reach a high of nearly $100,000.
BTC price enters pre-halving stage
Halving is considered to be one of the most critical factors leading to a significant price increase. As shown in the chart above, after the halving event, the price experienced a significant increase after a period of consolidation. However, the price seems to have entered a pre-halving phase and is therefore ready to test lower support levels as before.
Bitcoin is about to start a strong recovery
Bitcoin has largely been following a trend since its inception. After each bull run, there has been a clear bear market, as shown in the red candle above. Moreover, bulls regained dominance, followed by a recovery phase and a massive bull run. After the bull run in 2021, BTC price is still subject to bearish influence in 2022. Now that the price is close to triggering a rally, a good recovery may follow, paving the way for the next bull run in the next few years.