Bitcoin Surpasses $24K to Confirm Next Bull Run?
- On March 13, Bitcoin recorded 18% as its highest 24h surge.
- Nearly 1.7 million BTC are left to be mined – 19,317,068 BTC in current circulation.
The decentralized pioneer Bitcoin transitions to an uptrend spiking the anticipation of a bull run. Despite the Fed economy being in financial distress of the centralized bank runs, BTC outperformed by surging above $24,000.
Following the closure of Signature bank, BTC shot up from $20k to $24.8K. Significantly, since the last weekend, the pioneer cryptocurrency recorded a 24.7% – from $19,628 to $24,492 – in 4 days as per CMC.
According to CoinMarketCap, at press time, Bitcoin (BTC) traded at $24,312 with an 8% surge in 24h. Parallely, Ethereum (ETH) noted its prominent price surge. With over 4% in 24 hours, ETH traded at $1.667, at the time of writing.
Resemblance to Bitcoin Bull Market 2019?
Bitcoin’s sudden bullish diversion in a brief timespan emerged with signals that mirror the 2019 bull market. Significantly, analysts flood Crypto Twitter with their comparison charts pointing out the resemblance of the previous bull markets’ – 2017 and 2019 – parabolic curves.
As per statistics on the chart, BTC has laid a bullish cross. The short-term moving average, 50 MA crossed the long-term moving average, 200MA, to record the positive crossover. Thus, the breakout at $25k is expected by investors to confirm the Bitcoin bull run.
Notably, analyst and trader Michaël van de Poppe pointed out that if BTC takes a bearish turn, it would fall back to the $23k level. Unfortunately, significant confirmative signs have not been registered yet.
#Bitcoin sweeping the highs here as it's testing range high at $25K.
— Michaël van de Poppe (@CryptoMichNL) March 14, 2023
You'd preferably want to see some period of consolidation (CPI day today) before continuation.
If markets sweep range high at $25.2K, make a bear. div and fall back, I'd be looking for shorts to $23K. pic.twitter.com/bs4HFbxBMT
Flaws in the centralized banking systems and TradeFi’s volatility pose no negative impact on BTC prices. Furthermore, Traders look forward to BTC testifying its resistance amid the upcoming release of the Fed’s CPI data.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
