Bitcoin has been hovering within the $23,000 – $25,000 price range without clearly indicating its next direction. This has caused a major debate in the crypto space on whether the bullish season is over.
This is further heightened by the consistent failure to break above the $25,000 resistance mark. Despite this, a few analysts are confident that the leading token is facing a temporary price correction.
Bitcoin Price Rally Imminent
Michaël van de Poppe, the founder of the Eight trading firm, believes that Bitcoin could be set for an extended bull run. Explaining his position in a post on Twitter, van de Poppe noted that the Bitcoin market has been consistent with regular price corrections within this bullish season.
He added that as long as Bitcoin remains above $22,000, this would be enough to expect a continuation toward $25,000. This position is further supported by crypto trading analyst Rekt Capital who believes that Bitcoin is yet to make a significant rally toward the $25,000 resistant mark.
Using a chart to represent his analysis, Rekt Capital believes that BTC is holding above the lower high resistance mark of $23,000. He noted that if the price stability remains constant, it could be argued that the price of BTC is slowing down.
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For his part, CryptoTony stated that he is in a long bullish position as long as the price of BTC remains above $23,400. Thus, he intends to capitalize on the current bearish movement in the short term.
He further added that the touch of the top on the chart is a double top which is to be expected. This indicates that there would not be a permanent rise immediately but a new rejection when trying to surpass the $25k resistance level.
Major Mining Indicator Also Suggests BTC Bullish Trend
Meanwhile, mining data indicator Puell Multiple points to a strong rise in the bitcoin price indeed coming. Puell Multiple’s indicator stands at 1,041 for the first time since January of last year, according to data from glassnode.
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The Puell Multiple is calculated by dividing the total value of BTC issued daily by the average value of BTC issued each day during the previous year. When well below 1, it usually points to the lows within a market cycle, while very high indicator levels usually indicate a bullish cycle.
The fact that it has hit a yearly high could signal the beginning of a new bull run that could take BTC to new price levels.
Bitcoin Has Enjoyed A Renaissance In 2023
So far this year, BTC is up more than 50% and has returned to prices not seen for at least six months. At the time of writing, Bitcoin is trading at $23,400 with a weekly decline of 6%.
Featured image from Unsplash.com, charts from Tradingview and Twitter
