An anonymous crypto analyst on Twitter says that the current bitcoin surge could be the catalyst to a new bullish market. With over 250,000 followers on Twitter, Cheds said that the current Bitcoin price might be the starting point of a massive bullish market that is coming.
According to the pseudo-crypto analyst, Bitcoin's recent price surge is building the foundations of what might be another bull market. "Above $18,200 opens up the possibility of an inverse head and shoulders complex, multiple shoulders (or wide left) and head with neck-base at $25,500," Cheds said.
Cheds established that Bitcoin was already creating a bullish reversal structure. He showed a market chart of bitcoin where he added that the price of Bitcoin could go as high as $37,000. This means according to his predictions, Bitcoin reaching this price could mean taking out resistance at $25k.
Cheds pointed out that one of the major factors driving the price surge of Bitcoin is the fear of missing out (FOMO). Many investors had earlier predicted that the price of Bitcoin to go lower, even lower than $15k.
However, going above $20k has introduced greed to the market, making more investors try to invest in the apex cryptocurrency. The crypto analyst commended Bitcoin's strength after it managed to close above the 200-day moving average.
Cheds analyzed altcoins as well, saying that their growth and increase in value are tied to Bitcoin's price today. If Bitcoin rallies down instead of going up, it could mean problems for altcoins. But the current Bitcoin price has opened a bullish trend for altcoins as several of them have increased in price since the year started.
Ethereum, the second largest crypto in capitalization, has also increased in price following the Bitcoin price surge. Ethereum, which started the year at around $1,190, has crossed the $1,500 price range and might be on its way to $2k this month. However, Cheds says all these depend on how Bitcoin price plays out in the long term. "If BTC and ETH pause to consolidate, altcoins should make some serious noise," Cheds added.
Resurrection of Bitcoin
The price increase of Bitcoin came as a surprise considering the bear market of 2022. Coupled with the FTX scandal, many crypto analysts have predicted doom for Bitcoin even in the new year.
However, Bitcoin price today shows that it has increased in value and price beyond expectations and will likely continue on its path to market resurrection. In the last 24 hours, the global cryptocurrency market cap was trading higher than $990 billion, and this was due to the price surge that Bitcoin has witnessed.
Shivam Thakral, CEO of BuyUcoin commented on the issue, saying that the increase in market capitalization should be credited to the Bitcoin price increase. "The crypto market cap has crossed the $1 trillion mark, thanks to an over 20% jump in Bitcoin and Ether prices in just seven days. This is a strong sign that bulls are returning to the market, with US central banks successfully bringing down the inflation and saving the economy from slipping into recession. The current market momentum is expected to continue if the macroeconomic factors remain favorable," Shivam Thakral added.