Above the $16,650 mark, the price of bitcoin has developed a support base and it also began a new uptrend over the $16,800 and $17,000 resistance levels. A close above the $17,000 mark was recorded, and the price moved up to a new yearly high of $17,244 and overcame a significant obstacle. Bitcoin is currently consolidating gains made above $17,000.
Crypto expert and trader CryptoGodJohn believes that the $17,600 mark is crucial for the price of Bitcoin. Bulls will be able to go for the $20,000 level if BTC flips the $17,600 level. The expert thinks that if the BTC price doesn’t rise beyond $17,600, his bullish thesis will be proven false, and it will likely return to $15,500.
“$17,600 is most important level for me for $BTC. Flip $17,600 I wouldn’t be surprised to see a move towards $20k. Reject likely revisit $15.5.”
Bitcoin to remain flat for another two months?
While there has been a lot of speculation of Bitcoin reaching its ‘bottom’, CEO and co-founder of the Bitcoin mining pool BTC, Jiang Zhuoer points out that Bitcoin reached the bottom of the bear market in 2014 and 2018, respectively.
Bitcoin’s price fell to its lowest point in 2022 and the FTX event drove it to reach $15,476, according to Zhuoer, all three bear markets would have taken a comparable amount of time to reach their bottom points.
Therefore, his positive assessment predicts that the 2018 bear market and the present bear market are comparable and that the price of Bitcoin may remain flat for an additional two months before the start of the next BTC bull run. According to Zhuoer, a bearish forecast suggests that Bitcoin will have a similar eight-month sideways spell before recovering, as it did during the 2014 bear market.