Bitcoin price is currently trading in and out of $23,000 ever since it broke the resistance during the recent price surge. Despite the trading volume having spiked notably, the trend continues to remain flat, indicating the bulls accumulating for the next bullish action. Presently, the star crypto is rebounding aggressively after the LMACD on the weekly chart and bounced on its historic support that formed the 2015 and 2018 cycle bottoms.
The BTC price appears to have formed a geometric pattern from top to bottom and hence is believed to rise soon. The Ichimoku cloud and Fibonacci MAs offer a fair projection of the future price trend, according to which, BTC price is primed to meet the bottoms again.
As per the above chart, the next bullish confirmation of the new cycle could be when the price enters the Ichimoku cloud. When this happened previously in June 2012, October 2015, and May 2019, the bull cycle never looked back, while March 2020 could be exempted due to the covid crash.
Further, a breakout of multiple 3 of Fib MAs will kick in the parabolic rally which is speculated after the Bitcoin halving in 2024. Therefore, considering the above projections, the Bitcoin price could form new highs somewhere around August 2025.
Currently, the Bitcoin(BTC) price is trading just above $23,000 with reduced volatility, and the trading volume has dropped by 3% at the moment. However, RSI is displaying a bullish divergence due to which the price may not experience a drastic plunge. After a brief pullback, the price may begin to rise sharply.
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- Source: https://coinpedia.org/price-analysis/btc-price-forecast-bitcoin-predicted-to-soar-to-150000-with-new-geometric-cycle/