Bitcoin price is constantly trying to jump beyond the crucial renaissance very close to $17,000 but facing major turbulence in slicing through $16,900.
Meanwhile, altcoins are also facing a lot of heat as the bearish cartel has consolidated its roots during this time. Furthermore speculations of the bear market reaching its climax are hovering within the crypto space.
A popular analyst, Micheal van de Poppe, believes that the bitcoin bear market is about the end as the Bitcoin price is about to ignite a ‘Golden Cross’.
In a recent video update, the analyst says that this event is set to begin in June, which could extend until December, which could see BTC price rise to the $37,000 level.
“The actual move happens prior to the actual cross taking place so in essentially we are at the low or we close towards it and the Golden Cross which is taking place here is most likely going to take place during June towards December,”
Furthermore, the analyst believes that the BTC price could repeat 2018-19 as the market took a huge downturn during this time. So the markets can reach a level where they can get some relief.
However, he goes on to say that in the weekly time frame, the BTC price is required to hold the crucial levels at around $12,326 to maintain some strength within the rally. Conversely, if the BTC price breaks above $18,000 then it may rise beyond $20,000.
To do so, BTC price needs to rally above the crucial $17,500 on the lower time frame and $18,600 on the higher time frame. This could ignite a move towards the next set of targets above $21,000.
“Once we flip $18.6K and even a lower time frame $17.5K those are the first arguments for continuation towards the upper boundaries and then we are looking at a potential case or first running towards $21.21K $23.5K and a $29K and possibly even $38K which is already a two and half X from here,”
