Bitcoin price has been fascinating throughout the year 2022 as it underwent multiple halving events with respect to price. The price continues to find new lows with the revival of a fresh bearish trend. Meanwhile, popular analysts believe that the star crypto can make a comeback and trigger a bull run very soon.
In his latest video update, well-known analyst Kelso says that the bitcoin bull run started with the price breaking above the 200-day MA levels. So, let’s say that once BTC price breaks above $20,370, it could slip out of the bearish captivity and soar higher.
“I think one of the things, really, looking forward as far as watching for big pivots, any type of shits from where we are, is a reclaim of that 200-day simple moving average as well. So as far as getting exuberantly and a shift for ‘Okay, we’re in the clear for a little while to go,’ that’s one thing I am looking for.
I know this is incredibly simple, but it is something that has been a signature for every bottom seen on this chart during the past few cycles. So I think it is something that is simple and easy to keep an eye on… till that happens, it is important to be patient.”
Bitcoin in recent times is heading strongly towards crucial resistance close to $17,000. Therefore, if the price is required to slice through the $16,900 then only, the bullish continuation may be confirmed. With a brief upswing, the possibility of a bullish close beyond $17,300 could be quite possible.
