It’s been more than a month since the world’s first cryptocurrency, Bitcoin, was hovering between $19,000 and $20,000. However, today the flagship currency has finally reclaimed the $20,000 price level.
At the time of reporting, Bitcoin is selling at $20,265 after a surge of 4.76% in the last 24hrs and a 4.99% rise in the last seven days. The immediate support lies at $20,200 while the resistance is around $20,300.
Meanwhile, a closely followed crypto trader and analyst claim that Bitcoin has already bottomed and will see a bull run soon. The analyst who is anonymously known as Kaleo tries to inform his 536,100 Twitter followers that soon Bitcoin will start its bull run and traders will lose an opportunity to buy the dip under $20k.
He targets March as the month when BTC will gain its massive price rise.
Bitcoin Price At $35,000 Soon
The analyst uses inverted price charts to explain the difference between Bitcoin’s 2018 bottoming process and 2021 bottoming process. As per the analyst, both the processes are too similar which claims that the King currency has bottomed and is very close to starting its bullish momentum.
Furthermore, Kaleo is of the opinion that Bitcoin has converted its downward resistance into support.
Next, the analyst talks about the connection between Bitcoin price and its halvings. Halvings is the process that reduces the currency’s block rewards every four years and the next halving is scheduled for 2024.
As per the strategist, Bitcoin price is about to reclaim $35,000 in the next four months.