Protagonists and analysts across the crypto market acknowledge that HODLers, especially long-term holders likely be the recipients of prospective Bitcoin price moves ahead. On Tuesday, increased bets on buying the dip have gradually uplifted the wider crypto space. Notably, the top cryptocurrencies of the space quickly restored their momentum. However, as the majority of the altcoins forfeited their gains, cash-flow tunes in for BTC price action.
Bitcoin Big Bull Run Underway!
A crypto analyst TechDev is likely to be pretty much convinced with Bitcoin’s replication of past rallies and hopeful of a probable breakout ahead. The technicals indicated by him highlight the resemblance of its early October structure when the star crypto claimed new ATH around $69,000 with over 25% profits. Currently, the asset is trading at crucial 50W MA RSI levels below 20. If it effectively breaks there, then the price would quickly surge by over 25 to 30%.
This cycle may end up being known as… "The one with panic-inducing weekly pennants and their 50W MA adjacent retests." pic.twitter.com/gTtR6jpFWO — TechDev (@TechDev_52) December 6, 2021
On the other hand, the crypto analyst The Wold Of All Streets shared his view on the current market scenario. He is optimistic about the BTC bull run if the price manages to break above $53k. In case of a bearish move, the price would heavily plunge to $28k if it fails to gain strength around $42k.