Bitcoin price attempts to conquer the clouds of distress by avoiding the heavy corrections. While the flagship asset trades sideways within the $56k to $58k price range, buzz across the space hints at a potential bullish breakout ahead. The BTC/USDT pair bounced at a weekly low of $55.7k on November 19th, gaining profits eventually.
The trends are on the lift for Bitcoin bulls post the vital corrections over the last weekend. The price appears to take forward the price momentum to a higher weekly close of $65k. However, proponents and analysts are hopeful of the bull cycle ahead.
The Analyst Is Bullish On Bitcoin!
The ongoing price pattern demands the conservation of levels not far below $56k as supply declines and demand swells across the market. On the other hand, popular crypto analyst Will Clemente is optimistic about the upcoming bull run of the flagship asset. The recent tweet by him explains his approach towards analyzing the Bitcoin market.
The chart shown by him explains the behavior of the market during the bull and bear cycle. While going through a bull market, Bitcoin derivatives will be open for good profit bookings. In addition, the rate of purchase and sell demand in the order book to improve their profitability in low time frames.
Moreover, at the peak of the bull cycle outlook of the on-chain analytics and profits in larger time frames will be extremely positive. Furthermore, investors enter the market while the market is bearish, he added.
Bitcoin Bull Run Intact!
There seems to be a kind of similarity between Will Clemente and InvesAnswers while analyzing the Bitcoin market. However, Crypto proponent InvestAnswers shared his excitement towards the potential BTC bull run. The probable replication of the next leg up appears to be quite a claimant as the asset is hovering at crucial RSI levels.
The most dominant asset bounced from $30k support post the price break out at RSI of 30 in July post the May market crash. Further, the trend was duplicated at $41k support. However, as the asset matches the clauses of the past, the breakout at $55k looks imminent.
Collectively, the Bitcoin price has been trading at $57.3k with 2.42% negative gains round the clock. The asset has crucial support at one month low of $56k, a significant surge in the buy orders could uplift the price up to $65k by the weekend. Moreover, as historic trends and adoption levels are at their modest, generation of another bull cycle looks close at the hand. On the contrary, if bears hold control over the market the price would settle well below $55k.