Bitcoin and other cryptocurrencies started the new week positively, continuing the upward trend from the weekend. The recent excitement over approving a Bitcoin exchange-traded fund (ETF) listing has driven the crypto market.
Bitcoin has closed the week positively, with its price settling at $34,567. Analysts are optimistic about the cryptocurrency’s performance, with many expressing a bullish sentiment. Meanwhile, Ethereum, the second-largest cryptocurrency, saw a slight drop of half a percent and stayed below $1,800. Most other cryptocurrencies were also trading with gains.
In a new video by Thinking Crypto, the analyst stated that there is little to be bearish about when examining the Bitcoin chart. Bitcoin has seen a 110% increase in value this year, with a market structure characterized by higher highs and higher lows. The current price is also above the 2021 opening price, and clear accumulation is below the $30,000 mark. Analysts are waiting for a dip, which they consider reasonable, but they are not anticipating new lows.
The charts suggest a bullish trend, and many anticipate further price increases. While Bitcoin may reach $40,000 or more, it is not expected to hit new all-time highs. Instead, it is seen as transitioning from a bear to a bull market.
The official bull market is anticipated to start next year in April, coinciding with the Bitcoin halving event. This is expected to begin a slow and steady rise, leading to a potential parabolic move by 2025. While there may be concerns about transitioning from a bear market to a bull market, analysts point to the historic market behavior as a basis for their bullish thesis.