The price of Bitcoin (BTC) has been trading in the red zones since the start of this month after falling from the $30 price point. However, in a recent two-week Bitcoin Super Trend analysis, experts predict an imminent bullish surge in the crypto market.
According to a Bitcoin technical analyst with the Twitter username CryptoCon, the Super Trend, which focuses on identifying key resistance levels, indicates two critical factors that could lead to higher prices.
Firstly, the market is experiencing a healthy bout of resistance around the trend flip. According to the analyst, this resistance is a positive sign and an integral part of the natural market cycle. It suggests that crypto is undergoing a necessary consolidation phase before breaking into a new bullish trend.
“Meeting resistance around the trend flip is healthy, and it is happening now,” noted the prominent crypto analyst.
Furthermore, based on historical data, the analyst argued that significant price rallies often follow trend resistance. The presence of resistance before a massive bull run has been observed in previous Bitcoin market cycles, reinforcing the notion that the current resistance is a precursor to higher prices.
As the market tests these resistance levels, investors are advised to exercise patience and avoid making impulsive decisions. “Higher prices are coming,” tweeted CryptoCon, advising investors to remain steadfast in the face of short-term fluctuations.
When BTC was below $19k earlier this year, crypto analysts and experts argued it was the best time to accumulate Bitcoin sats as there may be no lower point after that. The coin has since risen above $30k, one of its highest points recently.
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Source: Cryptocurrency - investing.com
