The crypto market has seen a steady bearish run since the market crash took place in May 2020. However, the various activities within the crypto space have turned out to be pretty historic; namely the Ethereum Merge, and Cardano’s Vasil Hard Fork among a few others. During these events, besides the hash rate of Bitcoin attaining an all-time high, the Bitcoin price also saw consistent change in its value, but have not been able to break its cycle until yesterday.
This period often referred to as the Crypto Winters, is infamous for the market scenario of low trading volume and low volatility and those are exactly the conditions that the crypto market has been facing for many weeks now. Continuing from the point above, the BTC price has been trading around $19-20,000 for a while now but has finally managed to put together the momentum to break from its all-important level of $20,400!Taking into consideration the weekly timeframe activities, the BTC USD chart appears to have bottomed out, forming a ‘double bottom’ as referred to by the analysts. A double bottom usually means or represents a reversal from the current trend.
In other words, as per the experts, since seeing bearish price action, this, double bottom, in theory, means that the bitcoin price can soon see a transition into a bullish market phase. According to the AMB crypto report, the most obvious area of resistance to look at next would be the Bitcoin local high of around $24,500 – roughly a 22% increase from current levels.
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