Crypto Analyst: Bitcoin’s Bullish Run Confirmed, Predicts $37K Next Price Target

Crypto Analyst: Bitcoin’s Bullish Run Confirmed, Predicts $37K Next Price Target

Time Stamp: October 27, 2023 4:14 AM
Source Node: 2957121
The post Crypto Analyst: Bitcoin’s Bullish Run Confirmed, Predicts $37K Next Price Target appeared first on Coinpedia Fintech News

In a recent in-depth analysis presented by crypto analyst George Tung from CryptosRUs, the cryptocurrency community has received encouraging news as the expert confidently claims that Bitcoin has officially entered a bullish market phase. This comes when the market sees some solid bullish movements, and regulatory scrutiny is intensifying within the industry.

Tung points out that Bitcoin has recently demonstrated its strength by maintaining stability. Just a week ago, it was trading below $26,000, but it has since settled over $34,000, establishing itself as both a support and resistance level.

The Bullish Trajectory

Tung’s analysis was corroborated by analysts at Bloomberg. They base this assessment on a chart that parallels the current Bitcoin price trend and the period leading up to the bullish phase of 2020.

While debates persist regarding the precise commencement of this bull market, Tung argues that Bitcoin had already embarked on this journey upon breaking out of the $15,000 to $16,000 range. He emphasizes that the cryptocurrency has been steadily recovering, more than doubling its value from that pivotal point.

Turning attention to the immediate future of Bitcoin, Tung acknowledges the prevailing uncertainty surrounding its short-term price movement. Currently, Bitcoin is grappling with the resistance level at $34,700. Speculations abound, with some anticipating a surge to $37,000 upon breaching this resistance, while others foresee a potential decline to $32,600 or $33,000.

How Bitcoin is Doing Right Now

At press time, Bitcoin is worth $34,101. For this 4-hour time frame, we see an immediate resistance point at $33,900, and there’s a noteworthy resistance level at $35,200, indicated by a double top pattern.

If the current bullish sentiment persists, Bitcoin may encounter resistance at $36,200 and $37,000 as it climbs upward. On the flip side, if bearish sentiments take hold, support might come into play around $33,100, corresponding to the 38.2% Fibonacci level. Additional support levels to keep in mind are $32,400 and $31,600.

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