The post Bitcoin History Repeats Itself: Has the Bitcoin Bull Run Begun? appeared first on Coinpedia Fintech News
Bitcoin price has surpassed $42,000 in one fell swoop, marking the start of a strong bull run. Multiple factors have had a positive impact on Bitcoin price, which has been holding bullish candles for the past few days. In addition, buying pressure has also risen sharply, which suggests that the price may maintain a good upward momentum in the coming days.
The recent rise also shows that the cryptocurrency market has recovered from the Terra, Celsius, FTX and other markets, and found more crashes during the bear market. Bitcoin prices have risen by more than 150% this year, and Bitcoin computing power is setting new highs every day. The current price has repeated the previous trend and is expected to continue to rise without a broader correction.
The above chart shows the Bitcoin price consolidation before the bull run began. This shows that the price has experienced similar trends before, leading to strong bull runs. Every time this event is triggered, the BTC price goes parabolic and peaks within 4 to 10 months.
As a result, some reports suggest that prices could begin a strong bull run even before the halving event as volume indicators surged above positive territory for the first time since early 2022.
Now, BTC price has marked a new resistance level at $42,154 after breaking out of the channel and the next target currently could be around $48,000.
