Crypto News: The crypto market has a lot going in its favor currently in the context of the XRP lawsuit ruling and the recent series of spot Bitcoin ETF filings from the likes of Blackrock and Citadel. Adding to this, analysts foresee a strong positive momentum in near future for Bitcoin price, going by its price movement. In the long term, the cryptocurrency ecosystem may likely benefit from the Bitcoin halving event which is likely to happen around April 2024. Yet, the top cryptocurrency has been testing the patience of traders in recent weeks with the sideways movement.
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Popular crypto analyst CrediBull said that a build up of compression in the upside over the last three quarters signals a clear upside in a matter of few weeks. In the next wave, an impulse of above $10,000 may be registered for BTC, he predicted.
Analyst Predicts Aggressive Impulse For Bitcoin Price
The analyst said that considering the recent impulse from $24,000 to the $31,000, the next impulse could likely be aggressive, all the way up to $42,000. This is based on the third wave projection in the longer time frame, which is generally a multiple of 1.67 time the projection in the second wave that led to the recent impulse.
“Recent waves of Bitcoin price deviations since November 2023 showed strong impulse to the upside and increasingly shallow retracements to the downside, which is a bullish sign. There could be a downfall at $27,900 before the next impulse starts to the upside”
At the current range, the BTC price is close to the local bottom and in the next two weeks, an aggressive upside could be in the waiting for Bitcoin, he added.
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