As the new year continues, Bitcoin (BTC) has seen significant growth, and many speculate that a bull run could be on the horizon. A crypto analyst who goes by the pseudonym “Elcryptoprof” recently shared their thoughts on the matter in a February 8th tweet.
According to Elcryptoprof, February could be a crucial factor in the asset’s potential price growth based on fundamental technical indicators reminiscent of previous movements.
The analyst pointed out that Bitcoin has already surpassed the 10-day moving average, which has been a strong indicator of a new rally in both 2015 and 2019 after a monthly close above that level.
With Bitcoin, it’s vital to keep an eye on the MA10 line. A rise above it shows that the digital currency is on an upward trajectory and might be beginning a bullish trend, which is especially meaningful following the big dip in value it faced in 2022.
Is Bitcoin Ready for a Price Breakout?
The crypto world is buzzing with excitement as signs point towards a potential price breakout for Bitcoin! It’s been confirmed that the coveted golden cross pattern has reemerged, similar to the ones seen before the unstoppable bull runs of 2020 and 2021.
Despite starting the year off with a bang, rising 40%, Bitcoin hit a rough patch last week, and investors are feeling a bit skeptical about the sudden surge.
However, the Bitcoin rally has been a game-changer for the market, adding a whopping $300 billion in market capitalization and bringing it back to the trillion-dollar club!
Looking for a boost from macroeconomic forces, Bitcoin is searching for a catalyst to turn its fortunes around. After being weighed down by various factors in 2022, the popular cryptocurrency is eager for good news, significantly as inflation slows down.
This could signify reduced interest rate hikes, which could bode well for riskier assets like Bitcoin. Despite this potential for positive developments, Bitcoin is still surrounded by uncertainty.
The digital currency has struggled to maintain stability above the critical $23,000 mark, which has recently become a point of resistance. This makes it hard to predict where Bitcoin will go next, leaving many investors on edge.
BTC Price Analysis
The world of cryptocurrencies is ever-evolving, and Bitcoin is no exception. Currently, the king of crypto is trading at $22,877, which is pretty impressive! If you take a closer look, Bitcoin is entering a new consolidation phase, with only minor corrections of less than 0.5% on daily and weekly charts.
When we look at the one-day analysis on TradingView, the sentiment is mainly bullish. Both summary and moving averages give the green light with “buy” signals at 11 and 10, respectively. However, oscillators are neutral, registering a score of 8.
Despite the short-term correction, it’s safe to say that Bitcoin is still bullish, and we can expect some exciting price movements in the near future. So, hold on tight and keep an eye on this asset.